Failed a resit on a core Master’s module - what happens now?

I’ve just received my results and unfortunately failed a resit for one of my core modules.
My university has told me that I need 50% in this module to be eligible for the Master’s award because it’s a core module. They’ve said I’ll be considered for an exit award at the next exam board, while they check my academic record and the course regulations to confirm what happens next.
I’ve already failed this module once before, so I’m not sure whether I’m entitled to another attempt or whether failing the resit means I can no longer complete the Master’s.
Has anyone at a UK university been in a similar situation? I’d particularly like to understand:
What exactly does an exit award mean in this situation?
Is another attempt ever possible after failing a resit?
If you’ve been through something similar, what happened at your exam board?
I’m waiting for my university to confirm everything officially, but I’d really appreciate hearing from anyone who’s experienced something similar.