----

----

----

----

| [ X ] | QUARTERLY REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|-----------------------------------------------------------------------------------|

| [    ] | TRANSITION REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------------------|------------------------------------------------------------------------------------|

| RED METAL RESOURCES LTD.                                          |
|-------------------------------------------------------------------|
| (Exact name of small business issuer as specified in its charter) |

| Nevada(State or other jurisdictionof incorporation or organization)                                           | 20-2138504(I.R.S. EmployerIdentification No.) |
|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------|
|  195 Park Avenue, Thunder Bay Ontario, Canada P7B 1B9(Address of principal executive offices) (Zip Code) |
|  (807) 345-5380(Issuer’s telephone number)                                                         |

| Large accelerated filer                                         | o |                                          | Accelerated filer         | o |
|-----------------------------------------------------------------|---|-----------------------------------------------|---------------------------|---|
| Non-accelerated filer        | o | (Do not check if a smaller reporting company) | Smaller reporting company | x |

----

| PART I - FINANCIAL INFORMATION          | 1                                                                                                                                                                        |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                                     |
|                                    | ITEM 1.  FINANCIAL STATEMENTS                                                                                                                                       | 1 |
|                                    |                                                                                                                                                                     |   |
|                                    | CONSOLIDATED BALANCE SHEETS  APRIL 30, 2010 (UNAUDITED) AND JANUARY 31, 2010                                                                              | 1 |
|                                    |                                                                                                                                                                     |   |
|                                    | CONSOLIDATED STATEMENTS OF OPERATIONS  FOR THE THREE MONTHS ENDED APRIL 30, 2010 AND 2009 (UNAUDITED), AND THE PERIOD FROM INCEPTION (JANUARY 10, 2005)   | 2 |
|                                    |                                                                                                                                                                     |   |
|                                    | CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY FOR THE PERIOD FROM JANUARY 10, 2005 (INCEPTION) TO APRIL 30, 2010                                              |  3 |
|                                    |                                                                                                                                                                     |   |
|                                    | CONSOLIDATED STATEMENTS OF CASH FLOWS  FOR THE THREE MONTHS ENDED APRIL 30, 2010 AND 2009 (UNAUDITED), AND THE PERIOD FROM INCEPTION (JANUARY 10, 2005)   | 4 |
|                                    |                                                                                                                                                                     |   |
|                                    | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                                                                                                          | 5 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.                                                            | 9 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.                                                                                      | 19 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 4.  CONTROLS AND PROCEDURES.                                                                                                                         | 19 |
|                                    |                                                                                                                                                                     |   |
| PART II - OTHER INFORMATION   | 19                                                                                                                                                                       |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 1.  LEGAL PROCEEDINGS.                                                                                                                                    | 19 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 1A.  RISK FACTORS.                                                                                                                                   | 19 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.                                                                                     | 20 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.                                                                                                            | 20 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 4.  (REMOVED AND RESERVED).                                                                                                                          | 20 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 5.  OTHER INFORMATION.                                                                                                                               | 20 |
|                                    |                                                                                                                                                                     |   |
|                                    | ITEM 6.  EXHIBITS.                                                                                                                                   | 21 |

----

|                                                    |   | April 30, 2010 (unaudited) |       |   | January 31,2010 |   |
|---------------------------------------------------------|--------|----------------------------|------------|--------|-----------------|--------|
| ASSETS                                                  |
| Current assets                                          |   |                       |       |   |            |   |
|                                                    |   |                       |       |   |            |   |
| Cash                                                    |   | $                          | 124,908    |   |            | $      | 7,951 |   |
| Prepaids and other receivables                          |   |                       | 14,374     |   |            |   | 17,175 |   |
| Total current assets                                    |   |                       | 139,282    |   |            |   | 25,126 |   |
|                                                    |   |                       |       |   |            |   |   |   |
| Unproved mineral properties                             |   |                       | 655,779    |   |            |   | 643,481 |   |
| Total assets                                            |   | $                          | 795,061    |   |            | $      | 668,607 |   |
|                                                    |   |                       |       |   |            |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                    |
| Current liabilities                                     |   |                       |       |   |            |   |   |   |
|                                                    |   |                       |       |   |            |   |   |   |
| Accounts payable                                        |   | $                          | 204,816    |   |            | $      | 129,534 |   |
| Accrued liabilities                                     |   |                       | 61,190     |   |            |   | 92,485 |   |
| Due to related parties                                  |   |                       | 198,105    |   |            |   | 99,682 |   |
| Notes payable to related party                          |   |                       | 50,561     |   |            |   | - |   |
| Total liabilities                                       |   |                       | 514,672    |   |            |   | 321,701 |   |
|                                                    |   |                       |       |   |            |   |   |   |
| Stockholders' equity                                    |   |                       |       |   |            |   |   |   |
|                                                    |   |                       |       |   |            |   |   |   |
| Common stock, $0.001 par value, authorized 500,000,000, |   |                       |       |   |            |   |   |   |
| 10,216,301 and 9,676,301 issued and outstanding at      |   |                       |       |   |            |   |   |   |
| April 30, 2010 and January 31, 2010                     |   |                       | 10,217     |   |            |   | 9,677 |   |
| Additional paid in capital                              |   |                       | 2,913,300  |   |            |   | 2,778,840 |   |
| Deficit accumulated during the exploration stage        |   |                       | (2,581,052 | )      |            |   | (2,384,201 | ) |
| Accumulated other comprehensive loss                    |   |                       | (62,076    | )      |            |   | (57,410 | ) |
| Total stockholders' equity                              |   |                       | 280,389    |   |            |   | 346,906 |   |
| Total liabilities and stockholders' equity              |   | $                          | 795,061    |   |            | $      | 668,607 |   |

----

|                                      |   |                         |      |   | From January 10, |   |
|-------------------------------------------|--------|------------------------------|-----------|--------|------------------|--------|
|                                      |   | Three months ended April 30, |      |   | 2005 (Inception) |   |
|                                      |   | 2010                         |      |   | 2009             |   |   | to April 30, 2010 |   |
| Revenue                                   |   |                         |      |   |             |   |   |   |   |
|                                      |   |                         |      |   |             |   |   |   |   |
| Royalties                                 |   | $                            | -         |   |             | $      | - |   |   | $ | 15,658 |   |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
| Operating Expenses                        |   |                         |      |   |             |   |   |   |   |   |   |   |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
| Administration                            |   |                         | 25,611    |   |             |   | 18,451 |   |   |   | 204,878 |   |
| Advertising and promotion                 |   |                         | 42,367    |   |             |   | 26,592 |   |   |   | 264,133 |   |
| Automobile                                |   |                         | 7,452     |   |             |   | 4,740 |   |   |   | 49,047 |   |
| Bank charges and interest                 |   |                         | 6,155     |   |             |   | 1,265 |   |   |   | 18,549 |   |
| Consulting fees                           |   |                         | 32,923    |   |             |   | 36,916 |   |   |   | 325,533 |   |
| Interest on notes payable                 |   |                         | 561       |   |             |   | 12,788 |   |   |   | 70,553 |   |
| Mineral exploration costs                 |   |                         | 555       |   |             |   | 23,937 |   |   |   | 726,748 |   |
| Office                                    |   |                         | 2,329     |   |             |   | 1,702 |   |   |   | 21,551 |   |
| Professional development                  |   |                         | 4,008     |   |             |   | - |   |   |   | 4,008 |   |
| Professional fees                         |   |                         | 37,130    |   |             |   | 34,083 |   |   |   | 393,531 |   |
| Rent                                      |   |                         | 3,126     |   |             |   | 3,117 |   |   |   | 31,835 |   |
| Regulatory                                |   |                         | 4,515     |   |             |   | 3,404 |   |   |   | 38,161 |   |
| Travel and entertainment                  |   |                         | 28,553    |   |             |   | 6,074 |   |   |   | 174,764 |   |
| Salaries, wages and benefits              |   |                         | 1,015     |   |             |   | 6,374 |   |   |   | 47,210 |   |
| Foreign exchange (gain) loss              |   |                         | 551       |   |             |   | (18 | ) |   |   | 524 |   |
| Write-down of unproved mineral properties |   |                         | -         |   |             |   | 110,763 |   |   |   | 225,685 |   |
| Total operating expenses                  |   |                         | 196,851   |   |             |   | 290,188 |   |   |   | 2,596,710 |   |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
| Net loss                                  |   | $                            | (196,851  | )      |             | $      | (290,188 | ) |   | $ | (2,581,052 | ) |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
| Net loss per share - basic and diluted    |   | $                            | (0.02     | )      |             | $      | (0.07 | ) |   |   |   |   |
|                                      |   |                         |      |   |             |   |   |   |   |   |   |   |
| Weighted average number of shares         |   |                         |      |   |             |   |   |   |   |   |   |   |
| outstanding - basic and diluted           |   |                         | 9,856,975 |   |             |   | 4,156,002 |   |   |   |   |   |

----

|                                                     |   | Common Stock Issued |       |   |   |   |   | Accumulated              |   |   |               |   |
|----------------------------------------------------------|--------|---------------------|------------|--------|--------|--------|--------|--------------------------|--------|--------|--------------------|--------|
|                                                |   | NumberofShares      |       |   | Amount |   |   | AdditionalPaid-inCapital |   |   | AccumulatedDeficit |   |   | OtherComprehensiveLoss |   |   | Total |   |
|  Balance at January 10,  2005 (Inception) |   |                | -          |   |   | $      | -      |                     |   | $      | -                  |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (825 | ) |   |   | - |   |   |   | (825 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2005                        |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (825 | ) |   |   | - |   |   |   | (825 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 5,525,000  |   |   |   | 5,525  |                     |   |   | 53,725             |   |   |   | - |   |   |   | - |   |   |   | 59,250 |   |
|  Common stock adjustment                            |   |                | 45         |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | - |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |                     |   |   | 3,000              |   |   |   | - |   |   |   | - |   |   |   | 3,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (12,363 | ) |   |   | - |   |   |   | (12,363 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2006                        |   |                | 5,525,045  |   |   |   | 5,525  |                     |   |   | 56,725             |   |   |   | (13,188 | ) |   |   | - |   |   |   | 49,062 |   |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |                     |   |   | 9,000              |   |   |   | - |   |   |   | - |   |   |   | 9,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (43,885 | ) |   |   | - |   |   |   | (43,885 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2007                        |   |                | 5,525,045  |   |   |   | 5,525  |                     |   |   | 65,725             |   |   |   | (57,073 | ) |   |   | - |   |   |   | 14,177 |   |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Donated services                                   |   |                | -          |   |   |   | -      |                     |   |   | 2,250              |   |   |   | - |   |   |   | - |   |   |   | 2,250 |   |
|  Return of common stock to treasury                 |   |                | (1,750,000 | )      |   |   | (1,750 | )                        |   |   | 1,749              |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |
|  Common stock issued for cash                       |   |                | 23,810     |   |   |   | 24     |                     |   |   | 99,976             |   |   |   | - |   |   |   | - |   |   |   | 100,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (232,499 | ) |   |   | - |   |   |   | (232,499 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2008                        |   |                | 3,798,855  |   |   |   | 3,799  |                     |   |   | 169,700            |   |   |   | (289,572 | ) |   |   | - |   |   |   | (116,073 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 357,147    |   |   |   | 357    |                     |   |   | 1,299,643          |   |   |   | - |   |   |   | - |   |   |   | 1,300,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (1,383,884 | ) |   |   | - |   |   |   | (1,383,884 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | (21,594 | ) |   |   | (21,594 | ) |
|  Comprehensive loss                                 |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | (1,405,478 | ) |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2009                        |   |                | 4,156,002  |   |   |   | 4,156  |                     |   |   | 1,469,343          |   |   |   | (1,673,456 | ) |   |   | (21,594 | ) |   |   | (221,551 | ) |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss for the three months ended April 30, 2009 |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (290,188 | ) |   |   | - |   |   |   | (290,188 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | (15,856 | ) |   |   | (15,856 | ) |
|  Comprehensive loss                                 |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | (306,044 | ) |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at April 30, 2009                          |   |                | 4,156,002  |   |   |   | 4,156  |                     |   |   | 1,469,343          |   |   |   | (1,963,644 | ) |   |   | (37,450 | ) |   |   | (527,595 | ) |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 1,678,572  |   |   |   | 1,678  |                     |   |   | 160,822            |   |   |   | - |   |   |   | - |   |   |   | 162,500 |   |
|  Common stock issued for debt                       |   |                | 3,841,727  |   |   |   | 3,843  |                     |   |   | 1,148,675          |   |   |   | - |   |   |   | - |   |   |   | 1,152,518 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (420,557 | ) |   |   | - |   |   |   | (420,557 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | (19,960 | ) |   |   | (19,960 | ) |
|  Comprehensive loss                                 |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | (440,517 | ) |
|                                                |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2010                        |   |                | 9,676,301  |   |   |   | 9,677  |                     |   |   | 2,778,840          |   |   |   | (2,384,201 | ) |   |   | (57,410 | ) |   | $ | 346,906 |   |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                       |   |                | 540,000    |   |   |   | 540    |                     |   |   | 134,460            |   |   |   | - |   |   |   | - |   |   |   | 135,000 |   |
|  Net loss                                           |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | (196,851 | ) |   |   | - |   |   |   | (196,851 | ) |
|  Foreign currency exchange loss                     |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | (4,666 | ) |   |   | (4,666 | ) |
|  Comprehensive loss                                 |   |                | -          |   |   |   | -      |                     |   |   | -                  |   |   |   | - |   |   |   | - |   |   |   | (201,517 | ) |
|                                                     |   |                |       |   |   |   |   |                     |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at April 30, 2010                          |   |                | 10,216,301 |   |   | $      | 10,217 |                     |   | $      | 2,913,300          |   |   | $ | (2,581,052 | ) |   | $ | (62,076 | ) |   | $ | 280,389 |   |

----

|                                                                        |   |                         |     |   | From January 10, |   |
|-----------------------------------------------------------------------------|--------|------------------------------|----------|--------|------------------|--------|
|                                                                        |   | Three months ended April 30, |     |   | 2005 (Inception) |   |
|                                                                        |   | 2010                         |     |   | 2009             |   |   | to April 30, 2010 |   |
| Cash flows used in operating activities:                                    |   |                         |     |   |             |   |   |   |   |
| Net loss                                                                    |   | $                            | (196,851 | )      |             | $      | (290,188 | ) |   | $ | (2,581,052 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                         |     |   |             |   |   |   |   |
| Donated services and rent                                                   |   |                         | -        |   |             |   | - |   |   |   | 14,250 |   |
| Write-down of unproved mineral properties                                   |   |                         | -        |   |             |   | 110,763 |   |   |   | 225,685 |   |
| Changes in operating assets and liabilities:                                |   |                         |     |   |             |   |   |   |   |   |   |   |
| Prepaids  and other receivables                                   |   |                         | 2,801    |   |             |   | 9,654 |   |   |   | (14,374 | ) |
| Accounts payable                                                            |   |                         | 75,282   |   |             |   | 42,878 |   |   |   | 214,601 |   |
| Accrued liabilities                                                         |   |                         | (31,295  | )      |             |   | 2,554 |   |   |   | 200,245 |   |
| Due to related parties                                                      |   |                         | 98,423   |   |             |   | 51,089 |   |   |   | 526,345 |   |
| Accrued interest on notes payable to related party                          |   |                         | 561      |   |             |   | 12,788 |   |   |   | 70,553 |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Net cash used in operating activities                                       |   |                         | (51,079  | )      |             |   | (60,462 | ) |   |   | (1,343,747 | ) |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash flows used in investing activities:                                    |   |                         |     |   |             |   |   |   |   |   |   |   |
| Acquisition of unproved mineral properties                                  |   |                         | (12,298  | )      |             |   | (17,126 | ) |   |   | (1,020,519 | ) |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Net cash used in investing activities                                       |   |                         | (12,298  | )      |             |   | (17,126 | ) |   |   | (1,020,519 | ) |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash flows provided by financing activities:                                |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash received on issuance of notes payable to related party                 |   |                         | 50,000   |   |             |   | 106,000 |   |   |   | 794,500 |   |
| Proceeds from issuance of common stock                                      |   |                         | 135,000  |   |             |   | - |   |   |   | 1,756,750 |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                   |   |                         | 185,000  |   |             |   | 106,000 |   |   |   | 2,551,250 |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Effects of foreign currency exchange                                        |   |                         | (4,666   | )      |             |   | (15,856 | ) |   |   | (62,076 | ) |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Increase in cash                                                            |   |                         | 116,957  |   |             |   | 12,556 |   |   |   | 124,908 |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash, beginning                                                             |   |                         | 7,951    |   |             |   | 26,115 |   |   |   | - |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash, ending                                                                |   | $                            | 124,908  |   |             | $      | 38,671 |   |   | $ | 124,908 |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Supplemental disclosures:                                                   |   |                         |     |   |             |   |   |   |   |   |   |   |
| Cash paid for:                                                              |   |                         |     |   |             |   |   |   |   |   |   |   |
| Income tax                                                                  |   | $                            | -        |   |             | $      | - |   |   | $ | - |   |
| Interest                                                                    |   | $                            | -        |   |             | $      | - |   |   | $ | - |   |
|                                                                        |   |                         |     |   |             |   |   |   |   |   |   |   |
| Non-cash financing transactions:                                            |   |                         |     |   |             |   |   |   |   |   |   |   |
| Conversion of debt to related parties to shares of common stock             |   | $                            | -        |   |             | $      | - |   |   | $ | (338,026 | ) |
| Conversion of notes payable to shares of common stock                       |   | $                            | -        |   |             | $      | - |   |   | $ | (744,500 | ) |
| Conversion of accrued interest to shares of common stock                    |   | $                            | -        |   |             | $      | - |   |   | $ | (69,992 | ) |

----

----

|                                                                          |   | April 30,2010 |    |   | January 31,2010 |   |
|-------------------------------------------------------------------------------|--------|---------------|---------|--------|-----------------|--------|
| Due to a company owned by an officer                                          |   | $             | 70,903  |   |            | $      | 26,324 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Due to a company controlled by directors                                      |   |          | 102,857 |   |            |   | 48,920 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Due to a company owned by a major shareholder and a relative of the president |   |          | 13,329  |   |            |   | 18,594 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Due to a major shareholder                                                    |   |          | 10,891  |   |            |   | 5,719 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Due to a relative of the president                                            |   |          | 125     |   |            |   | 125 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Total due to related parties (a)                                              |   | $             | 198,105 |   |            | $      | 99,682 |   |
|                                                                          |   |          |    |   |            |   |   |   |
| Note payable to a related party (b)                                           |   | $             | 50,561  |   |            |   | – |   |

| •   | $35,446 and $34,960, respectively, in consulting and other business expenses with a company owned by the chief financial officer of the Company |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $52,249 and $35,821, respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses with a company controlled by two directors |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $16,290 and $17,032, respectively, in administration, automobile, rental, and other business expenses with a company owned by a major shareholder and a relative of the president |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | $6,346 and $5,948, respectively, in administration expenses with a major shareholder |
|---------------------|--------------------------------------------------------------------------------------|

----

|                                     |   | April 30,2010 |    |   | January 31,2010 |   |
|------------------------------------------|--------|---------------|---------|--------|-----------------|--------|
| Unproven mineral properties, beginning   |   | $             | 643,481 |   |            | $      | 753,519 |   |
| Acquisition                              |   |          | 12,298  |   |            |   | 58,702 |   |
| Unproven mineral properties written down |   |          | -       |   |            |   | (168,740 | ) |
| Unproven mineral properties, ending      |   | $             | 655,779 |   |            | $      | 643,481 |   |

----

----

| •   | general economic conditions, because they may affect our ability to raise money |
|---------------------|---------------------------------------------------------------------------------|

| •   | our ability to raise enough money to continue our operations |
|---------------------|--------------------------------------------------------------|

| •   | changes in regulatory requirements that adversely affect our business |
|---------------------|-----------------------------------------------------------------------|

| •   | changes in the prices for minerals that adversely affect our business |
|---------------------|-----------------------------------------------------------------------|

| •   | political changes in Chile, which could affect our interests there |
|---------------------|--------------------------------------------------------------------|

| •   | other uncertainties, all of which are difficult to predict and many of which are beyond our control |
|---------------------|-----------------------------------------------------------------------------------------------------|

----

| Table 1: Comparison of financial condition  |   |          |       |   |            |   |
|---------------------------------------------|--------|---------------|------------|--------|-----------------|--------|
|                                        |   | April 30,2010 |       |   | January 31,2010 |   |
| Working capital deficit                     |   | $             | (375,390   | )      |            | $      | (296,575 | ) |
| Current assets                              |   | $             | 139,282    |   |            | $      | 25,126 |   |
| Unproved mineral properties                 |   | $             | 655,779    |   |            | $      | 643,481 |   |
| Total liabilities                           |   | $             | 514,672    |   |            | $      | 321,701 |   |
| Common stock and additional paid in capital |   | $             | 2,923,517  |   |            | $      | 2,788,517 |   |
| Deficit                                     |   | $             | (2,581,052 | )      |            | $      | (2,384,201 | ) |

----

| Table 2.1: Summary of quarterly results (July 31, 2009 – April 30, 2010) |   |
|--------------------------------------------------------------------------------|--------|
|                                                                           |   | July 31,2009 |   |   | October 31,2009 |   |   | January 31,2010 |   |   | April 30,2010 |   |
| Revenue                                                                        |   |   | – |   |   |   | – |   |   |   | – |   |   |   | - |   |
| Net loss                                                                       |   | $ | (111,162 | ) |   | $ | (105,334 | ) |   | $ | (204,061 | ) |   | $ | (196,851 | ) |
| Basic and diluted loss per share                                               |   | $ | (0.03 | ) |   | $ | (0.02 | ) |   | $ | (0.03 | ) |   | $ | (0.02 | ) |

| Table 2.2: Summary of quarterly results (July 31, 2008 – April 30, 2009) |   |
|--------------------------------------------------------------------------------|--------|
|                                                                           |   | July 31,2008 |   |   | October 31,2008 |   |   | January 31,2009 |   |   | April 30, 2009 |   |
| Revenue                                                                        |   | $ | 4,537 |   |   | $ | 4,462 |   |   | $ | 1,397 |   |   |   | - |   |
| Net loss                                                                       |   | $ | (362,241 | ) |   | $ | (374,250 | ) |   | $ | (371,841 | ) |   | $ | (290,188 | ) |
| Basic and diluted loss per share                                               |   | $ | (0.09 | ) |   | $ | (0.09 | ) |   | $ | (0.09 | ) |   | $ | (0.07 | ) |

----

| Table 3: Changes in operating results     |   |
|-------------------------------------------|--------|
|                                      |   | Three months ended April 30, |   |   | Changesbetween theperiods endedApril 30, 2010 |   |
|                                      |   | 2010 |   |   | 2009 |   |   |   and 2009 |   |
| Operating Expenses                        |   |   |   |   |   |   |   |   |   |
| Administration                            |   | $ | 25,611 |   |   | $ | 18,451 |   |   | $ | 7,160 |   |
| Advertising and promotion                 |   |   | 42,367 |   |   |   | 26,592 |   |   |   | 15,775 |   |
| Automobile                                |   |   | 7,452 |   |   |   | 4,740 |   |   |   | 2,712 |   |
| Bank charges and interest                 |   |   | 6,155 |   |   |   | 1,265 |   |   |   | 4,890 |   |
| Consulting fees                           |   |   | 32,923 |   |   |   | 36,916 |   |   |   | (3,993 | ) |
| Interest on notes payable                 |   |   | 561 |   |   |   | 12,788 |   |   |   | (12,227 | ) |
| Mineral exploration costs                 |   |   | 555 |   |   |   | 23,937 |   |   |   | (23,382 | ) |
| Office                                    |   |   | 2,329 |   |   |   | 1,702 |   |   |   | 627 |   |
| Professional development                  |   |   | 4,008 |   |   |   | - |   |   |   | 4,008 |   |
| Professional fees                         |   |   | 37,130 |   |   |   | 34,083 |   |   |   | 3,047 |   |
| Rent                                      |   |   | 3,126 |   |   |   | 3,117 |   |   |   | 9 |   |
| Regulatory                                |   |   | 4,515 |   |   |   | 3,404 |   |   |   | 1,111 |   |
| Travel and entertainment                  |   |   | 28,553 |   |   |   | 6,074 |   |   |   | 22,479 |   |
| Salaries, wages and benefits              |   |   | 1,015 |   |   |   | 6,374 |   |   |   | (5,359 | ) |
| Foreign exchange loss (gain)              |   |   | 551 |   |   |   | (18 | ) |   |   | 569 |   |
| Write-down of unproved mineral properties |   |   | - |   |   |   | 110,763 |   |   |   | (110,763 | ) |
| Net loss                                  |   | $ | 196,851 |   |   | $ | 290,188 |   |   | $ | (93,337 | ) |

| •   | During the three months ended April 30, 2009, we wrote down $110,763 in mineral property acquisition costs after we wrote down several generative claims. During the three months ended April 30, 2010, we did not write down any of our properties. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | During the three months ended April 30, 2009, we incurred approximately $24,000 in mineral exploration costs as a result of active operations in Chile. During the three months ended April 30, 2010, we incurred approximately $560 in mineral exploration costs as we had no active operations during this period. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Our advertising and promotion and travel and entertainment expenses increased by $15,775 and $22,479, respectively, as a result of increased investor relating activities. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Our bank service charges and interest increased by $4,890 during the three months ended April 30, 2009 compared to the three months ended April 30, 2009. This increase was caused by interest accrued on certain outstanding accounts payable. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | On April 14, 2010, we resumed our duty to file reports with the Securities and Exchange Commission, which resulted in an increase of our professional fees by approximately $3,000. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | During the three months ended April 30, 2010 and 2009 we accrued $561 and $12,788, respectively, in interest on the promissory notes issued to the father of our president. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table 4: Summary of sources and uses of cash |
|----------------------------------------------|
|                                         |   | April 30, |   |
|                                         |   | 2010 |   |   | 2009 |   |
| Net cash provided by financing activities    |   | $ | 185,000 |   |   | $ | 106,000 |   |
| Net cash used in operating activities        |   |   | (51,079 | ) |   |   | (60,462 | ) |
| Net cash used in investing activities        |   |   | (12,298 | ) |   |   | (17,126 | ) |
| Effect of foreign currency exchange          |   |   | (4,666 | ) |   |   | (15,856 | ) |
| Net increase in cash                         |   | $ | 116,957 |   |   | $ | 12,556 |   |

----

| Table 5: Principal properties                                                                                                                    |   |                               |   |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|-----------|
|                                                                                                                                             |   |                               |   | Hectares  |
| Property                                                                                                                                         |   | Percentage and type of claim       |   | Per claim |   | Total |
| Farellon                                                                                                                                         |   |                               |   |      |   |   |   |   |
|     Farellon 1 – 8 claim                                                                                               |   | 100%, mensura                      |   | 66        |   |   |   |   |
|     Cecil 1 – 49 claims                                                                                                |   | 100%, mensura                      |   | 230       |   |   |   |   |
|     Cecil 1 – 40 and Burghley 1 – 60 claims                                                                      |   | 100%, manifestacion                |   | 500       |   |   | 796 |   |
| Mateo                                                                                                                                            |   |                               |   |      |   |   |   |   |
|     Margarita claim                                                                                                          |   | 100%, mensura                      |   | 56        |   |   |   |   |
|     Che 1 & 2 claims                                                                                                     |   | Option for 100%, mensura           |   | 76        |   |   |   |   |
|     Irene 1 & 2 claims                                                                                                   |   | Letter of intent for 100%, mensura |   | 60        |   |   |   |   |
|     Mateo                                                                                                                    |   | 100%, pedimentoa                   |   |      |   |   | 2,200 |   |
|                                                                                                                                             |   |                               |   |      |   |   | 2,996 |   |
| aThis pedimento is staked over the three mensuras to claim the mineral interests between them and includes the hectares covered by the mensuras. |   |

----

| •   | a cash fee equal to ten percent of the proceeds that we receive from a financing |
|---------------------|----------------------------------------------------------------------------------|

| •   | warrants equal to ten percent of the common stock or common stock equivalent that we issue in a financing on the same terms as any warrants that are a part of the financing |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | all reasonable out-of-pocket expenses up to 1.5 percent of the funds raised |
|---------------------|-----------------------------------------------------------------------------|

| •   | Farellon royalty. We are committed to paying the vendor a royalty equal to 1.5% on the net sales of minerals extracted from the Farellon claims up to a total of $600,000.  The royalty payments are due monthly once exploitation begins and are subject to minimum payments of $1,000 per month.  We have no obligation to pay the royalty if we do not commence exploitation.  As of the date of this report we have not commenced exploitation. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •   | Che option. Under the terms of our option agreement with Minera Farellon, we must pay $20,000 by April 10, 2011 to exercise the option and purchase the Che claims.  If we exercise our option, then we must pay a royalty equal to 1% of the net sales of minerals extracted from the claims to a maximum of $100,000 to the former owner. The royalty payments are due monthly once exploitation begins, and are not subject to minimum payments. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Table 6: Sales of unregistered securities                                                             |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                  |   | Shares |   | Warrants |
| Date of issue                                                                                         |   | Number |   | Price |   |   | Proceeds |   | Number |   | Price |   | Expiry |
| August 13, 2007                                                                                       |   |   | 23,810 |   |   | $ | 4.20 |   |   | $ | 100,000 |   |   |   | 11,905 |   |   | $ | 7.00 |   | August 13, 2009a |
| April 21, 2008                                                                                        |   |   | 285,717 |   |   | $ | 3.50 |   |   |   | 1,000,000 |   |   |   | 285,717 |   |   | $ | 4.90 |   | April 21, 2010a |
| May 14, 2008                                                                                          |   |   | 71,430 |   |   | $ | 4.20 |   |   |   | 300,000 |   |   |   | 71,430 |   |   | $ | 7.00 |   | May 14, 2010a |
| September 15, 2009                                                                                    |   |   | 1,428,572 |   |   | $ | 0.07 |   |   |   | 100,000 |   |   |   |   |   |   |   |   |   |   |
| January 19, 2010                                                                                      |   |   | 250,000 |   |   | $ | 0.25 |   |   |   | 62,500 |   |   |   | 250,000 |   |   | $ | 0.30 |   | January 19, 2012 |
| January 19, 2010                                                                                      |   |   | 3,841,727 | b |   | $ | 0.30 |   |   |   | 1,152,518 |   |   |   |   |   |   |   |   |   |   |
| March 23, 2010                                                                                        |   |   | 200,000 |   |   | $ | 0.25 |   |   |   | 50,000 |   |   |   | 200,000 |   |   | $ | 0.30 |   | March 23, 2012 |
| March 29, 2010                                                                                        |   |   | 200,000 |   |   | $ | 0.25 |   |   |   | 50,000 |   |   |   | 200,000 |   |   | $ | 0.30 |   | March 29, 2012 |
| April 14, 2010                                                                                        |   |   | 40,000 |   |   | $ | 0.25 |   |   |   | 10,000 |   |   |   | 40,000 |   |   | $ | 0.30 |   | April 14, 2012 |
| April 20, 2010                                                                                        |   |   | 100,000 |   |   | $ | 0.25 |   |   |   | 25,000 |   |   |   | 100,000 |   |   | $ | 0.30 |   | April 20, 2012 |
|                                                                                                  |   |   | 6,441,256 |   |   |   |   |   |   | $ | 2,850,018 |   |   |   | 1,159,052 |   |   |   |   |   |   |
| a These warrants expired unexercised.b These shares were issued to pay three related-party creditors. |

----

----

| Table 7: Due to related parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Quarter endedApril 30, 2010 |   |   | Year endedJanuary 31, 2010 |   |
| Due to Da Costa Management Corp.a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 70,903 |   |   | $ | 26,324 |   |
| Due to Fladgate Exploration Consulting Corporation b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $ | 102,857 |   |   | $ | 48,920 |   |
| Due to Minera Farellon Limitadac                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $ | 13,329 |   |   | $ | 18,594 |   |
| Due to Kevin Mitchelld                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 10,891 |   |   | $ | 5,718 |   |
| a During the three months ended April 30, 2010 and 2009 we paid or accrued a total of $35,446 and $34,960, respectively in consulting and other business expenses to Da Costa Management Corp. This company became related on May 13, 2008 when its owner was appointed CFO and treasurer of Red Metal.b During the three months ended April 30, 2010 and 2009, we paid or accrued a total of $52,249 and $35,821, respectively in administration, advertising and promotion, mineral exploration, travel and other business expenses to Fladgate Exploration Consulting Corporation., a company controlled by two directors.  The travel and entertainment expenses were incurred primarily for geologists’ travel to and from Chile and for our directors’ to travel to and participate in mining trade shows.c During the three months ended April 30, 2010 and 2009, we paid or accrued a total of $16,290 and $17,032 in administration, automobile, rental, and other business expenses to Minera Farellon Limitada, a company owned by Kevin Mitchell, a major shareholder, and Richard Jeffs, the father of our president.d During the period from May 1, 2010 to June 10, 2010 we paid or accrued a total of $2,809 in administration expense to Kevin Mitchell, a major shareholder. During the three months ended April 30, 2010 and 2009, we paid or accrued a total of $6,346 and $5,948, respectively, in administration expenses to Kevin Mitchell, a major shareholder. |   |

| Table 8: Note payable to Richard Jeffs               |   |          |   |   |            |   |
|------------------------------------------------------|--------|---------------|--------|--------|-----------------|--------|
|                                                 |   | April 30,2010 |   |   | January 31,2010 |   |
| Note payable, on demand, unsecured, bearing interest |   |          |   |   |            |   |   |   |
| At 6% per annum, compounded monthly                  |   | $             | 50,000 |   |            | $      | - |   |
| Accrued interest                                     |   |          | 561    |   |            |   | - |   |
| Total payable to Mr. Jeffs                           |   | $             | 50,561 |   |            | $      | - |   |

----

----

----

| Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Description                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Articles of Incorporation1                                                                                                                                              |
| 3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | By-laws1                                                                                                                                                                |
| 10.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Loan Agreement and Promissory Note dated February 11, 2010 between Red Metal Resources Ltd. and Wet Coast Management Corp. in favor of Wet Coast Management Corp.2 |
| 16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Letter re change in certifying accountant3                                                                                                                              |
| 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Certification Pursuant to Rule 13a-14(a) and 15d-14(a) (4)4                                                                                                             |
| 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Certification Pursuant to Rule 13a-14(a) and 15d-14(a) (4)4                                                                                                             |
| 32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Certification Pursuant to Section 1350 of Title 18 of the United States Code4                                                                                           |
| 1 Incorporated by reference from the registrant’s report on Form SB-2 filed with the Securities and Exchange Commission on May 22, 2006 as file number 333-134-3632 Incorporated by reference from the registrant’s report on Form 10-K filed with the Securities and Exchange Commission on April 30, 20103 Incorporated by reference from the registrant’s report on Form 10 filed with the Securities and Exchange Commission on February 12, 20104 Filed herewith. |

----

|   |   | RED METAL RESOURCES LTD. |                     |
|--------|--------|--------------------------|--------------------------|
|   |   |                     |                     |   |
|   |   | By:                 | /s/ Caitlin Jeffs        |   |
|   |   |                     | Caitlin Jeffs, President |   |

|   |   | By:  | /s/ John Da Costa                     |   |
|--------|--------|-----------|---------------------------------------|--------|
|   |   |      | John DaCosta, Chief Financial Officer |   |