Agreement of Termination of Compensation between the Company and Luis Saenz, dated May 31, 2017

EXHIBIT 10.1

Santiago, Chile,

May 31^st, 2017

Mr Luis Saenz

Malecon Cisneros 1320, Dpto 701, Lima 18, Peru

Re: Termination of compensation as it relates to the Employment Services Agreement dated August 24^th, 2011 and amended on April 8^th, 2015 and March 4^th, 2016 (the “Agreement”).

Dear Luis,

We write to confirm the understanding relating to the temporary six month suspension of remuneration due to Luis Saenz (the Employee”) from Li3 Energy, Inc., a Nevada company (the “Company”) for services provided by the Employee.

By countersigning their agreement to this letter, the Employee agrees that from the period of May 31^st, 2017 until November 30^th , 2017, the Employee shall not be due and shall not receive any compensation from the Company for services provided. This will include, but not be limited to, a complete suspension of Sections 3 and 4 of the Agreement. The Employee however will abide by all other sections of the Agreement and provide the specified services to the Company until the Agreement is terminated or otherwise replaced.

We appreciate your dedication to Li3 and our vision for the future of the Company and value your contribution to our endeavour.

Please countersign and return this letter to us by 5:00 p.m. Santiago, Chile time on June 2, 2017 to confirm your agreement and understanding of this temporary amendment to the Agreement between you and the Company.

Sincerely,

/s/ Patrick Cussen                             

Patrick Cussen, Chairman

Countersigned

/s/ Luis Saenz                                        

Luis Saenz