Business Description
Red Metal Resources Ltd. was incorporated in Nevada on January 10, 2005,
as Red Lake Exploration, Inc. We changed our name to Red Metal Resources Ltd.
on August 27, 2008.
On August 21, 2007, we formed Minera Polymet Limitada (“Polymet”),
a limited liability company, under the laws of the Republic of Chile. On September
28, 2015, we changed Polymet’s incorporation from Limited Liability Company
to a Closed Stock Corporation (“SpA”). We own 99% of Polymet, which
holds our Chilean mineral property interests. To comply with Chilean legal requirements,
1% of Polymet is owned by a Chilean resident, an experienced manager who has
organized an office and other resources for us to use. Polymet’s office
is located in Vallenar, III Region of Atacama, Chile.
We are a start-up exploration stage company with no material revenue generating
operations. We are in the business of acquiring and exploring mineral claims.
All of our claims are located in the III Region of Atacama, Chile. To date we
have not determined whether our claims contain mineral reserves that are economically
recoverable and have not produced revenues from our principal business.
Our ability to realize a return on our investment in mineral claims depends
upon whether we maintain the legal ownership of the claims. Title to mineral
claims involves risks inherent in the process of determining the validity of
claims and the ambiguous transfer history characteristic of many mineral claims.
To the best of our knowledge, and after consultation with an attorney knowledgeable
in the practice of mining, we believe that we have taken the steps necessary
to ensure that we have good title to our mineral claims. We have had our contracts
and deeds notarized, recorded in the registry of mines and published in the
mining bulletin and we review the mining bulletin regularly to determine whether
other parties have staked claims over our ground. We have discovered no such
claims.
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