PMET RESOURCES INC. (PMET.TO) has received a non-binding Letter of Interest from Societe Generale, an international corporate and investment bank, in relation to potential project financing for the Phase 1 development of the company's 100%-owned Shaakichiuwaanaan Project, located in the Eeyou Istchee James Bay region of Quebec, Canada, it said Wednesday.
Under the LOI, SG has expressed interest in participating as a Mandated Lead Arranger for potential debt financing package, Wednesday's statement noted.
The LOI represents another important step in advancing PMET's long-term financing strategy and aligns with PMET's objective to assemble a high-quality syndicate of internationally recognized mining project finance lenders and Export Credit Agencies, the company said. This builds on the recently announced support and engagement from EDC, KfW IPEX-Bank and an additional major Canadian financial institution, it added.
The LOI is intended to facilitate lender due diligence, including technical, environmental and commercial reviews, as PMET advances toward completion of its updated Feasibility Study targeted for calendar Q4 2026, the statement said.
Natacha Garoute, CFO, added: "Societe Generale brings extensive global mining project finance expertise, including meaningful experience financing Quebec-based mining assets. Their interest further reinforces the quality, scale and strategic importance of the Shaakichiuwaanaan Project. We look forward to working closely with the SG team as we progress lender due diligence and continue building a robust financing syndicate to support the development of Phase 1."
Shares in PMET were down $0.06 or 0.8% to $7.28 in Canada yesterday.