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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;&nbsp;<B>November
5, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Li3 Energy, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 30%; padding-right: 0; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 40%; padding-right: 0; font-weight: bold; text-align: center">000-54303</TD>
    <TD STYLE="width: 30%; padding-right: 0; font-weight: bold; text-align: center">20-3061907</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="padding-right: 0; text-align: center">(Commission File</TD>
    <TD STYLE="padding-right: 0; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; text-align: center">of Incorporation)</TD>
    <TD STYLE="padding-right: 0; text-align: center">Number)</TD>
    <TD STYLE="padding-right: 0; text-align: center">Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marchant Pereira 150</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Of. 803</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Providencia, Santiago de Chile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+56 (2) 896-9100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Adam S. Gottbetter, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Gottbetter &amp; Partners, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">488 Madison Avenue, 12th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY&nbsp;&nbsp;10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Phone:&nbsp;&nbsp;(212) 400-6900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This report contains &ldquo;forward-looking
statements.&rdquo; All statements other than statements of historical facts included in this report and its exhibits, if any,
including without limitation, statements regarding our financial position, estimated working capital, business strategy, the plans
and objectives of our management for future operations and those statements preceded by, followed by or that otherwise include
the words &ldquo;believe,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;projects,&rdquo; &ldquo;target,&rdquo; &ldquo;goal,&rdquo; &ldquo;plans,&rdquo; &ldquo;objective,&rdquo; &ldquo;should,&rdquo;
or similar expressions or variations on such expressions are forward-looking statements. We can give no assurances that the assumptions
upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to
risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements.
There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially
from the forward-looking statements, including, but not limited to: the results of initial exploration, and the determination
whether to pursue any contemplated transactions; our ability to raise additional capital to complete exploration, development
and commercialization of the Maricunga Project and other opportunities; future findings and economic assessment reports; our ability
to obtain the necessary operating permits and environmental approvals; our ability to identify appropriate corporate acquisition
and/or joint venture opportunities in the lithium mining sector and to establish the technical and managerial infrastructure and
raise the required capital to take advantage of, and successfully participate in, such opportunities; future economic conditions;
political stability; and lithium prices. For further information about certain risks we face, see &ldquo;Risk Factors&rdquo; in
our Annual Report on Form 10-K for the fiscal year ended June 30, 2012, filed with the Securities and Exchange Commission on October
15, 2012.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Except as otherwise required by the
federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking
statement contained in this Report to reflect any change in our expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Item 4.02&#9;Nonreliance
on Previously Issued Financial Statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 5, 2012,
the Chief Financial Officer of Li3 Energy, Inc. (&ldquo;we,&rdquo; or the &ldquo;Company&rdquo;) concluded that our consolidated
financial statements as of June 30, 2012, and for the year then ended as contained in our Annual Report on Form 10-K, as well as
the consolidated financial statements filed in our Quarterly Reports on Forms 10-Q for the periods ending September 30, 2011, December
31, 2011 and March 31, 2012, should no longer be relied upon because of errors in such reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
consolidated financial statements for the year ended June 30, 2012 included capitalized mineral rights of $63,741,000 related to
the Company&rsquo;s Maricunga project. These mineral rights were erroneously recorded in the financial records of the parent entity,
Li3 Energy, Inc., instead of the Chilean subsidiary Minera Li, S.A (&ldquo;Minera&rdquo;). This recording error resulted in a misstatement
of the translation of Minera&rsquo;s financial statements, which are prepared using Chilean Pesos as its functional currency, into
the reporting currency of the Company, which is U.S. Dollars. As a result, the restated consolidated financial statements will
include a reduction in the value of the mineral rights assets to reflect the change in currency rates as a foreign currency translation
adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effects of the
restatement will primarily be to decrease our total assets by $3,949,902, to decrease our other comprehensive income by $2,369,941
and to decrease our non-controlling interest by $1,579,961 at, and for the fiscal year ended, June 30, 2012.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.75pt; text-align: justify; text-indent: -0.25in">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Balance sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.75pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0; padding-left: 0">As Originally <BR>
Reported</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0; padding-left: 0">Adjustments</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0; padding-left: 0">Restated</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0; padding-bottom: 0">ASSETS</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left; padding-left: 0; padding-bottom: 0">Mineral rights</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">63,741,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(3,949,902</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">59,791,098</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-bottom: 0">Total Assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">63,963,400</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(3,949,902</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">60,013,498</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-bottom: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0; padding-bottom: 0">STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-bottom: 0">Other comprehensive income (loss)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">83,563</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(2,369,941</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(2,286,378</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-bottom: 0">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">23,120,593</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(1,579,961</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">21,540,632</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-bottom: 0">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">63,963,400</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">(3,949,902</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 0; padding-left: 0">60,013,498</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">b) Statement of operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">For the year ended June 30, 2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">As Originally <BR>
Reported</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Comprehensive income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left; padding-left: 0.12in">Net loss</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">(4,687,478</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">(4,687,478</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Foreign currency translation adjustments</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83,563</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,949,902</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,866,339</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total comprehensive loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,603,915</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,949,902</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,553,817</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Comprehensive loss attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,375,407</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,579,961</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,955,368</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Comprehensive loss attributable to Li3 Energy, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(2,228,508</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(2,369,941</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4,598,449</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 24, 2005 (Inception) through June 30, 2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">As Originally <BR>
Reported</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Comprehensive income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left; padding-left: 0.12in">Net loss</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">(40,149,252</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">(40,149,252</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Foreign currency translation adjustments</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83,563</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,949,902</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,866,339</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total comprehensive loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(40,065,689</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,949,902</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(44,015,591</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Comprehensive loss attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,375,407</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,579,961</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,955,368</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Comprehensive loss attributable to Li3 Energy, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(37,690,282</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(2,369,941</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(40,060,223</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are in the process of determining the
effects of the restatement on our interim financials for the periods ended September 30, 2011, December 31, 2011, and March 31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Principal Financial
Officer discussed with the Audit Committee of our Board of Directors the matters which are the subject of this filing and the Audit
Committee has approved the above restatement adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to file amendments
to our Annual Report on Form 10-K for the fiscal year ended June 30, 2012, and our Quarterly Reports on Forms 10-Q for the quarterly
periods ended March 31, 2012, December 31, 2011 and September 30, 2011 to include restated financial statements for the affected
periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be restating
our financials as of and for the fiscal year ended June 30, 2011, because the differences between using the Chilean Peso and the
U.S. Dollar as the functional currency were immaterial with respect to such financials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that this
change in accounting methodology (which has no impact on cash) is consistent with generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee
of our Board of Directors discussed with our independent accountants, GBH CPAs, the matters disclosed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature page follows.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Li3 Energy, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp;&nbsp;November 8, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-style: italic">/s/ Luis Saenz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Luis Saenz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "v327809_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 48211}]
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November
5, 2012
Li3 Energy, Inc.
(Exact name of registrant as specified in
its charter)
Nevada
000-54303
20-3061907
(State or Other Jurisdiction
(Commission File
(I.R.S. Employer
of Incorporation)
Number)
Identification Number)
Marchant Pereira 150
Of. 803
Providencia, Santiago de Chile
Chile
(Address of principal executive offices,
including zip code)
+56 (2) 896-9100
(Registrant's telephone number, including
area code)
Copy to:
Adam S. Gottbetter, Esq.
Gottbetter & Partners, LLP
488 Madison Avenue, 12th Floor
New York, NY  10022
Phone:  (212) 400-6900
Not applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
This report contains "forward-looking
statements." All statements other than statements of historical facts included in this report and its exhibits, if any,
including without limitation, statements regarding our financial position, estimated working capital, business strategy, the plans
and objectives of our management for future operations and those statements preceded by, followed by or that otherwise include
the words "believe," "expects," "anticipates," "intends," "estimates,"
"projects," "target," "goal," "plans," "objective," "should,"
or similar expressions or variations on such expressions are forward-looking statements. We can give no assurances that the assumptions
upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to
risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements.
There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially
from the forward-looking statements, including, but not limited to: the results of initial exploration, and the determination
whether to pursue any contemplated transactions; our ability to raise additional capital to complete exploration, development
and commercialization of the Maricunga Project and other opportunities; future findings and economic assessment reports; our ability
to obtain the necessary operating permits and environmental approvals; our ability to identify appropriate corporate acquisition
and/or joint venture opportunities in the lithium mining sector and to establish the technical and managerial infrastructure and
raise the required capital to take advantage of, and successfully participate in, such opportunities; future economic conditions;
political stability; and lithium prices. For further information about certain risks we face, see "Risk Factors" in
our Annual Report on Form 10-K for the fiscal year ended June 30, 2012, filed with the Securities and Exchange Commission on October
15, 2012.
Except as otherwise required by the
federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking
statement contained in this Report to reflect any change in our expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.
Item 4.02	Nonreliance
on Previously Issued Financial Statements.
On November 5, 2012,
the Chief Financial Officer of Li3 Energy, Inc. ("we," or the "Company") concluded that our consolidated
financial statements as of June 30, 2012, and for the year then ended as contained in our Annual Report on Form 10-K, as well as
the consolidated financial statements filed in our Quarterly Reports on Forms 10-Q for the periods ending September 30, 2011, December
31, 2011 and March 31, 2012, should no longer be relied upon because of errors in such reports.
The Company's
consolidated financial statements for the year ended June 30, 2012 included capitalized mineral rights of $63,741,000 related to
the Company's Maricunga project. These mineral rights were erroneously recorded in the financial records of the parent entity,
Li3 Energy, Inc., instead of the Chilean subsidiary Minera Li, S.A ("Minera"). This recording error resulted in a misstatement
of the translation of Minera's financial statements, which are prepared using Chilean Pesos as its functional currency, into
the reporting currency of the Company, which is U.S. Dollars. As a result, the restated consolidated financial statements will
include a reduction in the value of the mineral rights assets to reflect the change in currency rates as a foreign currency translation
adjustment.
2
The effects of the
restatement will primarily be to decrease our total assets by $3,949,902, to decrease our other comprehensive income by $2,369,941
and to decrease our non-controlling interest by $1,579,961 at, and for the fiscal year ended, June 30, 2012.
a)      
Balance sheet
As Originally
Reported
Adjustments
Restated
ASSETS
Mineral rights
$
63,741,000
$
(3,949,902
)
$
59,791,098
Total Assets
$
63,963,400
$
(3,949,902
)
$
60,013,498
STOCKHOLDERS' EQUITY
Other comprehensive income (loss)
$
83,563
$
(2,369,941
)
$
(2,286,378
)
Non-controlling interests
$
23,120,593
$
(1,579,961
)
$
21,540,632
Total liabilities and stockholders' equity
$
63,963,400
$
(3,949,902
)
$
60,013,498
b) Statement of operations
For the year ended June 30, 2012
As Originally
Reported
Adjustments
Restated
Comprehensive income (loss)
Net loss
$
(4,687,478
)
$
-
$
(4,687,478
)
Foreign currency translation adjustments
83,563
(3,949,902
)
(3,866,339
)
Total comprehensive loss
(4,603,915
)
(3,949,902
)
(8,553,817
)
Comprehensive loss attributable to non-controlling interests
(2,375,407
)
(1,579,961
)
(3,955,368
)
Comprehensive loss attributable to Li3 Energy, Inc.
$
(2,228,508
)
$
(2,369,941
)
$
(4,598,449
)
June 24, 2005 (Inception) through June 30, 2012
As Originally
Reported
Adjustments
Restated
Comprehensive income (loss)
Net loss
$
(40,149,252
)
$
-
$
(40,149,252
)
Foreign currency translation adjustments
83,563
(3,949,902
)
(3,866,339
)
Total comprehensive loss
(40,065,689
)
(3,949,902
)
(44,015,591
)
Comprehensive loss attributable to non-controlling interests
(2,375,407
)
(1,579,961
)
(3,955,368
)
Comprehensive loss attributable to Li3 Energy, Inc.
$
(37,690,282
)
$
(2,369,941
)
$
(40,060,223
)
3
We are in the process of determining the
effects of the restatement on our interim financials for the periods ended September 30, 2011, December 31, 2011, and March 31,
2012.
Our Principal Financial
Officer discussed with the Audit Committee of our Board of Directors the matters which are the subject of this filing and the Audit
Committee has approved the above restatement adjustments.
We plan to file amendments
to our Annual Report on Form 10-K for the fiscal year ended June 30, 2012, and our Quarterly Reports on Forms 10-Q for the quarterly
periods ended March 31, 2012, December 31, 2011 and September 30, 2011 to include restated financial statements for the affected
periods.
We will not be restating
our financials as of and for the fiscal year ended June 30, 2011, because the differences between using the Chilean Peso and the
U.S. Dollar as the functional currency were immaterial with respect to such financials.
We believe that this
change in accounting methodology (which has no impact on cash) is consistent with generally accepted accounting principles.
The Audit Committee
of our Board of Directors discussed with our independent accountants, GBH CPAs, the matters disclosed herein.
[Signature page follows.]
4
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Li3 Energy, Inc.
Dated:  November 8, 2012
By:
/s/ Luis Saenz
Name:  Luis Saenz
Title:  Chief Executive Officer
5