It seems the deferred payment US $2,200,000 was due to be paid...

It seems the deferred payment US $2,200,000 was due to be paid on the 10th of Jan 2022 and the company was to pay US $400,000 on the 12th, not sure whether this has happened or not as it has not been released by the company. With the rest of the deferred payment to be paid by February 28th 2022 that would be US $1,800,000. They did have approx. US $3,400,000 at the end of last quarter so they could pay this out and then negotiate for the rest of the loans that they have requested to be pushed out until 31st May 2022.

They have requested the IDC push out the IDC loans of US $10,300,00 and US $15,700,000 to 31st May 2022, however the IDC have not responded yet.

It seems these loans and drawdowns resulted in IDC taking a %6.7 shareholding (this is from a 10 Feb 2021 announcement in Boabab Mining and Exploration, which is a wholly owned subsidiary of MCM as far as I can tell, I can't find much info on Boabab Mining and Exploration. I'm guessing that this percentage was based on the loans being paid back, so not sure how to work out what % more the IDC would take to extend finance or extinguish loans.

It seems to me that they are negotiating with the IDC to take a bigger holding in Boabab to payout the loans. Not sure how this affects MCM holders as I can't see Boabab listed anywhere to work out what the dilution would or could be to MCM. Might be able to work it out from using what interests MCM holds all up in Boabab and other companies.

You may be right in that MCM may do a small SPP or raise to use for working capital. You are right in saying that the IDC taking a stake in Boabab and a small raise would be best for holders, I am just unsure of what the dilution would be as I can't find much information about Boabab Mining and Exploration anywhere. Any information on % holdings of MCM in Boabab would be great.

Either way the clock is ticking unless they ask for more extensions to these loans, as they are now due on the 31st of May, although it does say that the IDC is yet to respond to this request.