Red Metal Resources Files 20-F Annual Report

TL;DR

Red Metal Resources dropped its 20-F, check financials for the metal mining biz.

AI Summary

Red Metal Resources, Ltd. filed its annual report on Form 20-F for the fiscal year ending January 31, 2024. The company, previously known as Red Lake Exploration Inc., is involved in metal mining and is headquartered in Vancouver, Canada. The filing covers financial data and business operations for the period.

Why It Matters

This filing provides investors with a comprehensive overview of Red Metal Resources' financial health and operational status for the past fiscal year, crucial for investment decisions in the metal mining sector.

Risk Assessment

Risk Level: medium — As a metal mining company, Red Metal Resources is subject to inherent risks associated with exploration, commodity price volatility, and regulatory environments.

Key Numbers

• 2024-01-31 — Fiscal Year End (The end date of the reporting period for the 20-F filing.)
• 2023-01-31 — Prior Fiscal Year End (The end date of the previous fiscal year, used for comparative financial analysis.)
• 2022-01-31 — Fiscal Year End 2022 (Financial data from this period is included for comparison.)

Key Players & Entities

• RED METAL RESOURCES, LTD. (company) — Filer
• Red Lake Exploration Inc. (company) — Former company name
• 20240131 (date) — Fiscal year end
• 1130 PENDER STREET, WEST, SUITE 820, VANCOUVER, A1, V6E 4A4 (address) — Business and Mail Address

FAQ

Key Financial Figures

• $637,809 — le the net loss from operations totaled $637,809, $1,769,501, and $1,622,000, respective
• $1,769,501 — loss from operations totaled $637,809, $1,769,501, and $1,622,000, respectively. If the C
• $1,622,000 — tions totaled $637,809, $1,769,501, and $1,622,000, respectively. If the Company does not
• $426,533 — ions and its operating expenses totaled $426,533 (2023 - $1,582,113; 2022 - $1,520,118).
• $1,582,113 — ating expenses totaled $426,533 (2023 - $1,582,113; 2022 - $1,520,118). These expenses wer
• $1,520,118 — led $426,533 (2023 - $1,582,113; 2022 - $1,520,118). These expenses were further increased
• $189,926 — hese expenses were further increased by $189,926 (203 - $162,724; 2022 - $118,144) in in
• $162,724 — re further increased by $189,926 (203 - $162,724; 2022 - $118,144) in interest accrued o
• $118,144 — sed by $189,926 (203 - $162,724; 2022 - $118,144) in interest accrued on the notes payab
• $21,350 — terest accrued on the notes payable and $21,350 loss on foreign exchange fluctuation (2
• $24,664 — on foreign exchange fluctuation (2023- $24,664; 2022 - $2,404 gain). Since inception,
• $2,404 — ange fluctuation (2023- $24,664; 2022 - $2,404 gain). Since inception, the Company has
• $14,552,074 — , the Company has accumulated losses of $14,552,074. As a result, the Company's management
• $600,223 — s of January 31, 2024, the Company owed $600,223 to related parties that were due in the
• $2,561,691 — n, the Company owed its related parties $2,561,691 on account of notes payable that were d

Filing Documents

• form20-f.htm (20-F) — 2304KB
• ex4-11.htm (EX-4.11) — 26KB
• ex4-12.htm (EX-4.12) — 15KB
• ex4-13.htm (EX-4.13) — 15KB
• ex4-14.htm (EX-4.14) — 16KB
• ex4-15.htm (EX-4.15) — 17KB
• ex4-16.htm (EX-4.16) — 15KB
• ex4-17.htm (EX-4.17) — 18KB
• ex4-18.htm (EX-4.18) — 16KB
• ex4-19.htm (EX-4.19) — 14KB
• ex4-20.htm (EX-4.20) — 16KB
• ex4-21.htm (EX-4.21) — 47KB
• ex4-22.htm (EX-4.22) — 32KB
• ex4-23.htm (EX-4.23) — 23KB
• ex4-24.htm (EX-4.24) — 34KB
• ex4-25.htm (EX-4.25) — 17KB
• ex4-26.htm (EX-4.26) — 16KB
• ex4-27.htm (EX-4.27) — 16KB
• ex4-28.htm (EX-4.28) — 16KB
• ex4-29.htm (EX-4.29) — 326KB
• ex4-30.htm (EX-4.30) — 16KB
• ex12-1.htm (EX-12.1) — 17KB
• ex12-2.htm (EX-12.2) — 18KB
• ex13-1.htm (EX-13.1) — 7KB
• ex13-2.htm (EX-13.2) — 7KB
• ex15-1.htm (EX-15.1) — 10KB
• ex15-4.htm (EX-15.4) — 1066KB
• form20-f_001.jpg (GRAPHIC) — 24KB
• fin_001.jpg (GRAPHIC) — 16KB
• fin_002.jpg (GRAPHIC) — 2KB
• fin3_001.jpg (GRAPHIC) — 27KB
• fin3_002.jpg (GRAPHIC) — 35KB
• ex15-4_001.jpg (GRAPHIC) — 18KB
• ex15-4_002.jpg (GRAPHIC) — 2KB
• image_001.jpg (GRAPHIC) — 176KB
• image_002.jpg (GRAPHIC) — 204KB
• 0001493152-24-022008.txt ( ) — 9776KB
• rmesf-20240131.xsd (EX-101.SCH) — 59KB
• rmesf-20240131_cal.xml (EX-101.CAL) — 50KB
• rmesf-20240131_def.xml (EX-101.DEF) — 210KB
• rmesf-20240131_lab.xml (EX-101.LAB) — 386KB
• rmesf-20240131_pre.xml (EX-101.PRE) — 322KB
• form20-f_htm.xml (XML) — 975KB

Unresolved Staff Comments

Item 4A Unresolved Staff Comments 43

Operating and Financial Review and Prospects

Item 5 Operating and Financial Review and Prospects 43

Directors, Senior Management and Employees

Item 6 Directors, Senior Management and Employees 47

Major Shareholders and Related Party Transactions

Item 7 Major Shareholders and Related Party Transactions 53

Financial Information

Item 8 Financial Information 54

The Listing

Item 9 The Listing 55

Additional Information

Item 10 Additional Information 56

Quantitative and Qualitative Disclosures About Market Risk

Item 11 Quantitative and Qualitative Disclosures About Market Risk 62

Description of Securities Other than Equity Securities

Item 12 Description of Securities Other than Equity Securities 62 PART II 63

Defaults, Dividend Arrearages and Delinquencies

Item 13 Defaults, Dividend Arrearages and Delinquencies. 63

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds. 63

Controls and Procedures

Item 15 Controls and Procedures 63

[Reserved]

Item 16 [Reserved] 64 PART III 66

Financial Statements

Item 17 Financial Statements 66

Financial Statements

Item 18 Financial Statements 66

Exhibits

Item 19 Exhibits 67 SIGNATURE 68 2 GLOSSARY OF TECHNICAL TERMS Term Meaning Term Meaning AEM Airborne Electromagnetic Na sodium Ag Silver Na 2 O sodium oxide Al Aluminum NE northeast Al2O3 aluminum oxide NI National Instrument AW apparent width Ni nickel As Arsenic NSR net smelter return Au Gold NTS National Topographic System Ba Barium P phosphorous Be Beryllium P 2 O 5 phosphorous oxide Bi Bismuth Pb Lead C carbon dioxide Pd Palladium Ca Calcium pH Acidity CaO calcium oxide Pt platinum Cd Cadmium QA/QC Quality Assurance/Quality Control Co Cobalt S south CO2 carbon dioxide S sulfur Cr Chromium Sb antimony Cr2O3 chromium oxide SE southeast Cu Copper Se selenium DDH diamond drill hole SiO 2 silicon oxide DW drilled width Sn tin E East SO 2 sulphur dioxide EM electromagnetic Sr strontium Fe Iron Sum summation Fe2O3 iron oxide (ferric oxide-hematite) SW southwest Fe3O4 iron oxide (ferrous oxide-magnetite) Ti titanium HLEM horizontal loop electromagnetic TiO 2 titanium oxide H2O hydrogen oxide (water) Tl thallium IP induced polarization TW true width K Potassium U uranium K2O potassium oxide U 3 O 8 uranium oxide (yellowcake) Li Lithium UTM Universal Transverse Mercator LOI loss on ignition (total H2O, CO2 and SO2 content) V vanadium Mg Magnesium V 2 O 5 vanadium oxide MgO magnesium oxide VLF very low frequency Mn Manganese VLF-EM very low frequency-electromagnetic MnO manganese oxide W west Mo Molybdenum Y yttrium Mt millions of tonnes Zn zinc N North NE Northeast NW Northwest S South 3 Units of Measure Units of Measure Abbreviation Units of Measure Abbreviation Above mean sea level amsl Litre L Ampere A L

Risk Factors

Risk Factors General The Company is in the business of exploring and, if warranted, developing mineral properties, which is a highly speculative endeavor. A purchase of any of the Common Shares involves a high degree of risk and should be undertaken only by purchasers whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. An investment in the Common Shares should not constitute a significant portion of an individual's investment portfolio and should be made only by persons who can afford a total loss of their investment. Prospective shareholders should carefully evaluate the following risk factors associated with an investment in Common Shares. The following risks and uncertainties could materially adversely affect the Company's business, financial condition and results of operations. Additional risks and uncertainties not presently known to the management of the Company or that are currently deemed immaterial may also impair the Company's operations and financial condition. Risks Relating to the Company's Conversion and Continuation The Company continues to be treated as a U.S. corporation and taxed on our worldwide income after the conversion and continuation. The conversion and continuation of the Company from the State of Nevada to the Province of British Columbia, Canada was considered a migration of the Company from the State of Nevada to the Province of British Columbia, Canada. Certain transactions whereby a U.S. corporation migrates to a foreign jurisdiction can be considered by the United States Congress to be an abuse of the U.S. tax rules because thereafter the foreign entity is not subject to U.S. tax on its worldwide income. Section 7874(b) of the Internal Revenue Code of 1986, as amended (the "Code"), was enacted in 2004 to address this potential abuse. Section 7874(b) of the Code provides generally that certain corporations that migrate from the United

View Full Filing

View this 20-F filing on SEC EDGAR