Pmet Resources (ASX:PMT) said late Wednesday it received a non-binding letter of interest (LOI) from Societe Generale for a potential project financing for the phase one development of its Shaakichiuwaanaan Project in Quebec.

The bank is eyeing a role as mandated lead arranger for a prospective debt package, Pmet Resources said in a statement.

The LOI supports ongoing efforts to form a syndicate of major international lenders and export credit agencies, building on recent engagement from Export Development Canada, KfW IPEX-Bank, and another Canadian financial institution.

The company said the LOI permits further due diligence as it advances toward its updated feasibility study targeted for the fourth quarter, but is subject to full due diligence, internal approvals, and definitive documentation.