Management Presentation – May 2011

1. “Leading the exploration of Lithium & other Strategic Minerals” Management Presentation – May 2011

2. Safe Harbor/Confidentiality Statement: • This presentation includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements with respect to anticipated operating and financial performance, clinical results, potential partnerships, licensing opportunities, and other statements of expectation. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “assumes,” “seeks,” “estimates,” “should,” and variations of these words and similar expressions, are intended to identify these forward-looking statements. While we believe these statements are accurate, forward-looking statements are inherently uncertain and we cannot assure you that these expectations will occur and our actual results may be significantly different. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Important factors that could cause actual results to differ from those in the forward-looking statements include the factors described in the “Risk Factors” section of the preliminary prospectus. The Company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise. • This presentation contains information that is Confidential and Proprietary.  By requesting and taking receipt of this Document, you acknowledge and agree to maintain that Confidentiality and agree not to circumvent or make contact with any entity named or suggested unless prior written approval is granted by Li3 Energy Inc. Recipient further agrees not to directly or indirectly, disclose or permit its affiliates or representatives to disclose any of such information to any other person or reproduce this Document, in whole or in part, without the prior written consent of the Company. Strictly Private &Confidential

3. Introduction & Summary: Address the growing demand for green technologies and alternative energy sources by providing low cost lithium, potassium, iodine and other strategic minerals used in multiple markets to global clients seeking to securestable supplies while easing global dependence on fossil fuels. • Second tier supplier next to SQM, FMC, Talison; • Closed Maricunga May 2011; • Option to purchase ________ June 2011; • CORFO data of 224,300 tonnes of Lithium; 3,274 tonnes of KCI (Potash); • Worldwide demand for Lithium is forcasted to increase driven primarily by increased use of EV; • A Top 11 Lithium Salar (SignumBOX) May 2011; • NI 43 -101 Project of Merit (Hains Technology Assoc) May 2011; • Strategic MOU (POSCO) May 2011; • Proven Team, High Profile Board & Mineral Advisory Board; Strictly Private &Confidential

4. Room to Grow - Growth is Good: Li3 plans to be second tier provider SignumBOX2010 Strictly Private &Confidential

5. Worldwide demand for Lithium estimated to exceed 250,000 tonnes by 2020 driven by: Growing interest exploring use in Solar USGS - 2011 Strictly Private &Confidential

6. Global Market Share for Potassium Nitrate 2008 global demand was 960,000 tonnes: Celfin Capital 2009 Strictly Private &Confidential

7. Current junior lithium mining paradigm: Current junior lithium producers have many limitations: A E • Location • Country Risk • Geo-political • Prime Salars available • Logistics • Proximity to Shipping • Distribution • Off-Take Partner D C • Govt & Environmental • Permits /Approvals • Exploration • Hard-Rock Mining • Long exploration cycle • Brine Mining • Long evaporation cycle B • Geology • Lithium Concentrations • Li to Potassium ratios Li3 is the future of synergistic mineral exploration Strictly Private &Confidential

8. Value Proposition & Implementation: Auto Industrial Fertilizer Battery Makers Tremendous Partnering Potential: Who wants, who wins • GM • Chrysler • Ford • BMW • Mercedes • Tesla • Audi • SQM • FMC • TATA • Potash Corp • Mosaic • Agrium • K&S • POSCO • GE • Slumberger • Halliburton • SQM Strictly Private &Confidential

9. Business Model: Maricunga & Other Global Conglomerate • Strategic Investment • ….. Global Auto • Secure predictable • source of Lithium Global Battery • Secure predictable • source of Lithium Leverage significant operating synergies with potential to improve overall economics M A R K E T S Lithium, Potassium Nitrate, Boron and Iodine Provide access to our minerals in $Billion markets : Typical Off-Take deals – Investment $ plus % of Lithium Additional revenue on mineral sales or transfer price. P A R T N E R S Strictly Private &Confidential

10. First Commercial Deal: Validation First commercial deal: POSCO –(NYSE:PKS) MOU with one of the worlds largest steel manufacturers poised for active partnering with substantial follow on possibilities. • May‘11 – Li3 - PKS signed exploratory development and option agreement . • MOU covers off-take agreement; • Pilot & Demonstration Plant in Korea and or Chile. • Strong vote of confidence in Maricunga and its advantages; • Option to purchase $25MM in equity June 30th 2011; • Option to purchase additional equity in demonstration plant; • Option to purchase additional equity in full operational facility in Chile; Strictly Private &Confidential

11. Salar Maricunga

12. Maricunga highlights: One of the Top Ten lithium salars in the world. • 3750 meters above sea level; • 1438 hectares in a world class mining region; • Close to Caldera International Airport , Caldera Port & Chaneral Mining Port; • Close to strategic mining epicenters in Chile (Copiapo & El Salvador). • Infrastructure (road & power) in place to support development; • Access via four established routes; • Paved roads operative throughout the year; • Lowest cost of production versus other Chilean salars; • Initial drilling estimated assay values of 1.1g/L lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium; • CORFO initial resource estimate of 224,300 tonnes of Lithium; 3,274 tonnes of KCI (Potash); Strictly Private &Confidential

13. Other project highlights: Strictly Private &Confidential

14. Leverage operating synergies & economics: Potassium Chloride Maricunga Lithium Process Potassium Nitrate other Nitrate Process Credit Iodine $1,500 / tonne Lithium Carbonate • Maricunga will produce a potassium chloride (potash) co-product; • Potash will be shipped to Other where it will be upgraded to potassium nitrate fertilizer; • Value added process will upgrade the lithium carbonate potash to 120,000 tonne per year of potassium nitrate which is currently priced at US$900 per tonne; • Other will also produce 700 tonnes per year of iodine which is currently priced at US$27,000 per tonne; • Credit from the transfer of the potash will reduce the production cost of lithium carbonate by US$22 million per year cost or US$1,500 per tonne lithium carbonate; Strictly Private &Confidential

15. Hains Technology & Associates highlights: NI 43 – 101 MARICUNGA: “Project of Merit” • Exploration potential to warrant expenditures for prefeasibility stage; • Significant potential for development as a source of lithium, potassium and boron; • Exploration work show brines are enriched in lithium and potassium and that the brine has a Mg/Li ratio permitting lithium recovery; • Classified as a mixed type of salar of the Na-Cl-Ca-/SO4 system; • Historical hydrology and hydro-geological work indicated that the aquifers feeding the salar are highly productive; • Possible to develop a NI 43-101 compliant resource approximately equivalent to the historical estimate; • Preliminary electrical and road infrastructure in place; • Relatively high boron concentration should permit high extraction rates for recovery as boric acid, a valuable co-product; • Low levels of Sulphate for a Chilean salar, reducing the need for additional reagents for Sulphate removal; Strictly Private &Confidential

16. SignumBOX May 2011 highlights: • Ranked 11th top lithium projects in the world; • SBGI of 3.23 • SiBGEI of 3.60 (50% higher than average); • Potential to become the #1 lithium project; • Second best lithium deposit in Chile; • Sodium chloride and other potassium salts as by- products; • Disadvantage - higher elevation - longer evaporation times; • Highest Li concentrations, extensions and Li to p_ ratios; • Argentinean brines have lower Li and p_ concentrations; • Maricunga has 2nd highest quality deposit of Li in Chile; Strictly Private &Confidential

17. Plan Cost (USD) Maricunga Development Plan: 2011 Q1 Q2 Q3 Q4 Total cost to bring project to feasibility stage is estimated to be US$12 million Strictly Private &Confidential

18. Plan Cost (USD) Other Project Development Plan: 2011 Q1 Q2 Q3 Q4 Total cost to bring project to feasibility stage is estimated to be US$12 million Strictly Private &Confidential

19. Summary of Maricunga & __________ Economics and ProjectValue Second Highest Lithium & Lithium Potassium Concentrations in Chile • 20+ Year Mine Plan • Net revenues of US$100+ million per year • Total Capex: US$311 million • Consolidated NPV of US$443 million • IRR of 29.9% discounted at 10%

20. Li3 Board of Directors: Exemplary, Vision & Track Record Experienced executives from the mining and minerals industries who have founded and operated firms valued at billions of dollar. Luis Saenz President, CEO Li3 Energy, Inc., Standard Bank, Peru, UC Berkeley, 18 years in minerals & mining finance. Insert Name Chairman – insert brief bio. Kjeld Thygesen Ivanhoe Mines (NYSE IVN) – Resource Investment Trust – Lion Resource Management - . David G. Wahl South Hampton Associates – Mining & Mineral Global Thought Leader – Director Latin American Minerals (TSXV –LAT) Temax Resources (TSXV- TME) Anthony Hawkshaw CFO & Director Rio Alto Mining Inc.(OTC RIOAF) - Director Statesman Resources – Former CFO Pan American Silver (NASDAQ PAAS). David Rector Minerals & Mining Director to several public companies Strictly Private &Confidential

21. Li3 Minerals Advisory Board: Supported by a broad spectrum of mining, minerals and exploration expertise. Exploration: Don Hains - World-respected lithium & mineral expert. Carlos Thune - Respected geologist authority lithium exploration. Strategy: Pedro Pavlovic – add bullets. Add name – add bullets. Process Technology & Regulatory: Pedrp Pavlovic – Add bullets. Tom Nueman - add bullets. POSCO – add info Strictly Private &Confidential

22. Li3 Management Team: Accomplished, Experienced & Proven: A veteran team whose collective strengths & experiences provides attention to detail ensuring timely execution. Luis A. Saenz, President, CEO – Standard Bank, Peru, UC Berkeley, 18 years in minerals & mining finance. R. Thomas Currin, COO – LimeTech, FMC (NYSE: FMC), Reynolds Metal Erin Marin, CFO – Accenture, Consultant to Fortune 100 Name Tech support Name Engineering Support Name Legal & Regulatory Strictly Private &Confidential

23. Timing: Progress & Timelines: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Strictly Private &Confidential

24. Li3 Financial Overview: Strictly Private &Confidential

25. Li3 Cap Table & Market Data: Strictly Private &Confidential

26. Valuation Metrics: Recent Comparable Off-Take & Strategic Deals Compelling Argument: • TSXV – LAC.TO • Mkt Cap $147MM • S/Outstanding 88MM • Areas of Focus: Argentina • Mitsubishi & Magna Intl. • 3rd Largest Lithium Brine • SBOXGI Ranking of _____ • SBOXGEI Ranking of _____ • Pre-Tax NPV $265MM • @ 14% Discount Rate = USD • Funded To Feasibility • Projected commercialization • TSX- ORL • Mkt Cap $243MM • S/O 102MM • Area of focus Argentina • Toyota-Tsusho (2010) • __Largest Lithium Brine • SBOXGI Ranking of _____ • SBOXGEI Ranking of _____ • Pre-Tax NPV $298MM • @ 9% Discount Rate = USD • Funded to feasibility • Projected commercialization • TSXV – LI • Market Cap $115MM • S/O 63.4 Million • Area of Focus Argentina • LG –GS Caltex –Galaxy Res. • __ Largest Lithium Brine • SBOXGI Ranking of _____ • SBOXGEI Ranking of _____ • Pre-Tax NPV $209MM • @ 14% Discount Rate = USD • Funded To Feasibility • Projected commercialization *For comparison purposes only. Not a form of expressed or implied outcome* Strictly Private &Confidential

27. Key Asset Location Deposit Type Total LCE Grade Li/Mg Mkt Cap NAV P/NAV TEV TEV/Tet Valuation Metrics: Recent Comparable Off-Take & Strategic Deals Compelling Argument: *For comparison purposes only. Not a form of expressed or implied outcome* Strictly Private &Confidential

28. Li3 Offering Summary: Offering Size [ ] million primary shares – $[ ] million Over-Allotment Option [ ] million primary shares Initial Price Range $[ ].00 to $[ ].00 per share Use of Proceeds Feasibility Studies Preliminary Work Program TSX Listing General corporate purposes Exchange / Ticker NASDAQ - OTCBB / LIEG TSX - ?? Expected Pricing Week of [ ] Bookrunner Co-Managers TBD Strictly Private &Confidential

29. Contact information: • Luis Saenz Tom Currin • Chief Executive Officer Chief Operating Officer • Email: luis.saenz@li3energy.com Email: tom.currin@li3energy.com • Office: Office: • Cellular: Cellular: Thank You! Strictly Private &Confidential