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It has issued a demand notice to Hanlong, requesting the Chinese suitor to pay by no later than Monday April 8, the iron ore junior said on Thursday April 4.
Sundance received the first A$5 million ($5.2 million) in February. The funding is part of a deal worth A$15 million ($15.7 million) which will cover its operating expenses.
The two parties entered into last-ditch talks last week to save the $1.4 billion acquisition. The consultation period concluded on Wednesday April 3.
Either party may now terminate the deal during a 10-business-day period starting from Monday April 8.
April 4 and 5 are Chinese public holidays.
