Both are also found within the boundaries of Mulka and Lake Hope Stations.

The licence allows the removal of 350 tonnes (344 long tons; 386 short tons) of Lake Eyre golden perch, Welch's grunter and the Barcoo grunter but only once the lakes have disconnected from the Cooper Creek after a flood event.

[3] The lake is filled periodically from the flooding of Cooper Creek.

The named the lake because they hoped for greater fortune in the future.

[5] Lake Hope is located within the boundaries of the wetland system known as the Coongie Lakes, which is both listed internationally under the Ramsar Convention and within Australia with an identical listing in "A Directory of Important Wetlands in Australia".