Questcorp Mining announced on 22 October an agreement to exercise its option over the remaining 49% of the North Island Copper project on Vancouver Island. The company already holds 51%; full ownership would follow completion, rather than the announcement itself. The mineral claims cover approximately 1,168 hectares near Port Hardy, British Columbia.

The final consideration comprises $110,000 in cash and 250,000 common shares. On exercise, the vendor would receive a 3% net smelter returns royalty on commercial production. Questcorp could buy back the first percentage point for $750,000 and the remaining two percentage points for another $1 million. The release does not specify the currency of these dollar amounts.

The consideration shares carry a four-month-and-one-day resale restriction. Completion remains subject to applicable regulatory approvals, the issuer said. The agreement concerns exploration-property ownership and potential future royalty obligations; it does not establish that a mine has begun production or that the proposed ownership transfer has already closed.