The share price of Reward Minerals plunged 40% on Tuesday as the company confirmed its failed bid for the Beyondie sulphate of potash project, in Western Australia.
Reward has been unable to secure sufficient funding to complete the acquisition.
The company has terminated the share sale agreement with the receivers of Beyondie’s owner, Kalium Lakes.
The receivers of Kalium Lake started negotiations with Reward in November last year, having been forced back to the drawing board after Agrimin terminated a share sale agreement for the struggling potash company.
Meanwhile, the administrators said that Kalium Lakes Potash and Kalium Lakes Infrastructure would enter into liquidation in the coming days.