ASX-listed potash explorer and developer Reward Minerals has put up its hand to acquire Kalium Lakes, the owner of the Beyondie sulphate of potash (SoP) project, in Western Australia.
The receivers of Kalium Lakes said in a statement on Thursday that they had entered into an exclusivity period with Reward for the purpose of agreeing a share sale agreement (SSA) with the company.
The Kalium Lakes administrators were forced back to the drawing board after ASX-listed Agrimin last month terminated an SSA for Kalium Lakes.
The share price of Reward, which owns the Kumpupintil Lake and Carnarvon potash projects in northern Western Australia, surged on Thursday. The stock surged 73% to A$0.078 a share.
Kalium Lakes earlier this year revealed that the company would require additional long-term funding for its Beyondie SoP project over the next two financial years, to achieve its targeted production rate of between 90 000 t/y and 100 000 t/y.
The company had been targeting a 55 000 t/y production rate during the December 2023 quarter, and a yearly production rate of 50 000 t/y to 60 000 t/y for the 2024 financial year.