Exhibit
11.2





Audit
Committee Charter



The
following Audit Committee Charter was adopted by the Audit Committee of the Board of Directors and the Board of Directors of Red Metal
Resources Ltd. (the “Company”)



Mandate



The
primary function of the audit committee (the “Committee”) is to assist the Company’s Board of Directors in fulfilling
its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to
regulatory authorities and shareholders, the Company’s systems of internal controls regarding finance and accounting and the Company’s
auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement
of, and should foster adherence to, the Company’s policies, procedures and practices at all levels. The Committee’s primary
duties and responsibilities are to:



|● | serve
                                            as an independent and objective party to monitor the Company’s financial reporting
                                            and internal control system and review the Company’s financial statements;
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|● | review
                                            and appraise the performance of the Company’s external auditors; and
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|● | provide
                                            an open avenue of communication among the Company’s auditors, financial and senior
                                            management and the Board of Directors.
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Composition



The
Committee shall be comprised of a minimum three directors as determined by the Board of Directors. If the Company ceases to be a “venture
issuer” (as that term is defined in National Instrument 51-102), then all of the members of the Committee shall be free from any
relationship that, in the opinion of the Board of Directors, would interfere with the exercise of his or her independent judgment as
a member of the Committee.



If
the Company ceases to be a “venture issuer” (as that term is defined in National Instrument 51-102), then all members of
the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially
literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices.
For the purposes of the Company’s Audit Committee Charter, the definition of “financially literate” is the ability
to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally
comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company’s financial
statements.



The
members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders’ meeting.
Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the
full Committee membership.



Meetings



The
Committee shall meet a least twice annually, or more frequently as circumstances dictate. As part of its job to foster open communication,
the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.



Responsibilities
and Duties



To
fulfill its responsibilities and duties, the Committee shall:



Documents/Reports
Review



|● | review
                                            and update this Audit Committee Charter annually; and
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|● | review
                                            the Company’s financial statements, MD&A and any annual and interim earnings press
                                            releases before the Company publicly discloses this information and any reports or other
                                            financial information (including quarterly financial statements), which are submitted to
                                            any governmental body, or to the public, including any certification, report, opinion, or
                                            review rendered by the external auditors.
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External
Auditors



|● | review
                                            annually, the performance of the external auditors who shall be ultimately accountable to
                                            the Company’s Board of Directors and the Committee as representatives of the shareholders
                                            of the Company;
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|● | obtain
                                            annually, a formal written statement of external auditors setting forth all relationships
                                            between the external auditors and the Company, consistent with Independence Standards Board
                                            Standard 1;
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|● | review
                                            and discuss with the external auditors any disclosed relationships or services that may impact
                                            the objectivity and independence of the external auditors;
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|● | take,
                                            or recommend that the Company’s full Board of Directors take appropriate action to
                                            oversee the independence of the external auditors, including the resolution of disagreements
                                            between management and the external auditor regarding financial reporting;
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|● | recommend
                                            to the Company’s Board of Directors the selection and, where applicable, the replacement
                                            of the external auditors nominated annually for shareholder approval;
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|● | recommend
                                            to the Company’s Board of Directors the compensation to be paid to the external auditors;
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|● | at
                                            each meeting, consult with the external auditors, without the presence of management, about
                                            the quality of the Company’s accounting principles, internal controls and the completeness
                                            and accuracy of the Company’s financial statements;
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|● | review
                                            and approve the Company’s hiring policies regarding partners, employees and former
                                            partners and employees of the present and former external auditors of the Company;
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|● | review
                                            with management and the external auditors the audit plan for the year-end financial statements
                                            and intended template for such statements; and
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|● | review
                                            and pre-approve all audit and audit-related services and the fees and other compensation
                                            related thereto, and any non-audit services, provided by the Company’s external auditors.
                                            The preapproval requirement is waived with respect to the provision of non-audit services
                                            if:
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| | ● | the
                                            aggregate amount of all such non-audit services provided to the Company constitutes not more
                                            than five percent of the total amount of revenues paid by the Company to its external auditors
                                            during the fiscal year in which the non-audit services are provided,
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| | ● | such
                                            services were not recognized by the Company at the time of the engagement to be non-audit
                                            services, and
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| | ● | such
                                            services are promptly brought to the attention of the Committee by the Company and approved
                                            prior to the completion of the audit by the Committee or by one or more members of the Committee
                                            who are members of the Board of Directors to whom authority to grant such approvals has been
                                            delegated by the Committee.
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Provided
the pre-approval of the non-audit services is presented to the Committee’s first scheduled meeting following such approval such
authority may be delegated by the Committee to one or more independent members of the Committee.











Financial
Reporting Processes



|● | in
                                            consultation with the external auditors, review with management the integrity of the Company’s
                                            financial reporting process, both internal and external;
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|● | consider
                                            the external auditors’ judgments about the quality and appropriateness of the Company’s
                                            accounting principles as applied in its financial reporting;
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|● | consider
                                            and approve, if appropriate, changes to the Company’s auditing and accounting principles
                                            and practices as suggested by the external auditors and management;
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|● | review
                                            significant judgments made by management in the preparation of the financial statements and
                                            the view of the external auditors as to appropriateness of such judgments;
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|● | following
                                            completion of the annual audit, review separately with management and the external auditors
                                            any significant difficulties encountered during the course of the audit, including any restrictions
                                            on the scope of work or access to required information;
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|● | review
                                            any significant disagreement among management and the external auditors in connection with
                                            the preparation of the financial statements;
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|● | review
                                            with the external auditors and management the extent to which changes and improvements in
                                            financial or accounting practices have been implemented;
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|● | review
                                            any complaints or concerns about any questionable accounting, internal accounting controls
                                            or auditing matters;
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|● | review
                                            certification process;
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|● | establish
                                            a procedure for the receipt, retention and treatment of complaints received by the Company
                                            regarding accounting, internal accounting controls or auditing matters; and
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|● | establish
                                            a procedure for the confidential, anonymous submission by employees of the Company of concerns
                                            regarding questionable accounting or auditing matters.
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Other





|● | review
any related-party transactions;                                                               
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|● | engage
independent counsel and other advisors as it determines necessary to carry out its duties; and
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|● | to
set and pay compensation for any independent counsel and other advisors employed by the Committee.