----

----

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

| o | 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 OCTOBER 31, 2010 (UNAUDITED) AND JANUARY 31, 2010                                                                                          | 1      |
| CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED OCTOBER 31, 2010 AND 2009 (UNAUDITED), AND THE PERIOD FROM INCEPTION (JANUARY 10, 2005) | 2      |
| CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY FOR THE PERIOD FROM JANUARY 10, 2001 (INCEPTION) TO OCTOBER 31, 2010                                                    | 3      |
| CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED OCTOBER 31, 2010 AND 2009 (UNAUDITED), AND THE PERIOD FROM INCEPTION (JANUARY 31, 2005)                | 4      |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                                                                                                         | 5      |
| ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.                                                        | 8      |
| 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.                                                                                                                                      | 20     |
| 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.                                                                                                                                           | 20     |

----

|                                                                                    |   | October 31, 2010(unaudited) |       |   | January 31, 2010 |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------------|------------|--------|------------------|--------|
|                                                                                    |   |                        |       |   |             |   |
| ASSETS                                                                                  |   |
| Current assets                                                                          |   |                        |       |   |             |   |
|                                                                                    |   |                        |       |   |             |   |
| Cash                                                                                    |   | $                           | 577        |   |             | $      | 7,951 |   |
| Prepaids and other receivables                                                          |   |                        | 35,987     |   |             |   | 17,175 |   |
| Total current assets                                                                    |   |                        | 36,564     |   |             |   | 25,126 |   |
|                                                                                    |   |                        |       |   |             |   |   |   |
| Unproved mineral properties                                                             |   |                        | 660,817    |   |             |   | 643,481 |   |
| Total assets                                                                            |   | $                           | 697,381    |   |             | $      | 668,607 |   |
|                                                                                    |   |                        |       |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                    |   |
| Current liabilities                                                                     |   |                        |       |   |             |   |   |   |
|                                                                                    |   |                        |       |   |             |   |   |   |
| Accounts payable                                                                        |   | $                           | 209,303    |   |             | $      | 129,534 |   |
| Accrued liabilities                                                                     |   |                        | 59,629     |   |             |   | 92,485 |   |
| Due to related parties                                                                  |   |                        | 363,366    |   |             |   | 99,682 |   |
| Notes payable to related party                                                          |   |                        | 62,193     |   |             |   | - |   |
| Total liabilities                                                                       |   |                        | 694,491    |   |             |   | 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 October 31, 2010and January 31, 2010 |   |                        | 10,217     |   |             |   | 9,677 |   |
| Additional paid in capital                                                              |   |                        | 2,913,300  |   |             |   | 2,778,840 |   |
| Deficit accumulated during the exploration stage                                        |   |                        | (2,853,767 | )      |             |   | (2,384,201 | ) |
| Accumulated other comprehensive loss                                                    |   |                        | (66,860    | )      |             |   | (57,410 | ) |
| Total stockholders' equity                                                              |   |                        | 2,890      |   |             |   | 346,906 |   |
| Total liabilities and stockholders' equity                                              |   | $                           | 697,381    |   |             | $      | 668,607 |   |

----

|                                      |   | Three months ended |       |   | Nine months ended |   |      | From January 10, |   |
|-------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|-----------|------------------|--------|
|                                      |   | October 31,        |       |   | October 31,       |   |      | 2005 (Inception) |   |
|                                      |   | 2010               |       |   | 2009              |   |      | 2010             |   |   | 2009 |   |   | to October 31, 2010 |   |
| Revenue                                   |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |
| Royalties                                 |   | $                  | -          |   |              | $      | -         |             |   | $ | - |   |   | $ | - |   |   | $ | 15,658 |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                        |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Administration                            |   |               | 27,812     |   |              |   | 17,302    |             |   |   | 66,527 |   |   |   | 60,283 |   |   |   | 254,285 |   |
| Advertising and promotion                 |   |               | 25,488     |   |              |   | -         |             |   |   | 83,097 |   |   |   | 26,560 |   |   |   | 296,372 |   |
| Automobile                                |   |               | 5,709      |   |              |   | 5,643     |             |   |   | 18,346 |   |   |   | 16,674 |   |   |   | 59,941 |   |
| Bank charges and interest                 |   |               | 8,182      |   |              |   | 2,123     |             |   |   | 24,531 |   |   |   | 4,887 |   |   |   | 36,925 |   |
| Consulting fees                           |   |               | 38,800     |   |              |   | 32,654    |             |   |   | 107,795 |   |   |   | 78,226 |   |   |   | 400,405 |   |
| Interest on notes payable                 |   |               | 864        |   |              |   | 15,953    |             |   |   | 2,193 |   |   |   | 43,805 |   |   |   | 72,185 |   |
| Mineral exploration costs                 |   |               | 548        |   |              |   | 117,781   |             |   |   | 13,519 |   |   |   | 162,922 |   |   |   | 739,712 |   |
| Office                                    |   |               | 3,069      |   |              |   | 1,066     |             |   |   | 6,296 |   |   |   | 3,619 |   |   |   | 25,518 |   |
| Professional development                  |   |               | -          |   |              |   | -         |             |   |   | 4,008 |   |   |   | - |   |   |   | 4,008 |   |
| Professional fees                         |   |               | 19,661     |   |              |   | (2,230    | )                |   |   | 72,178 |   |   |   | 34,713 |   |   |   | 428,579 |   |
| Rent                                      |   |               | 3,333      |   |              |   | 3,014     |             |   |   | 9,566 |   |   |   | 9,137 |   |   |   | 38,275 |   |
| Regulatory                                |   |               | 425        |   |              |   | 1,263     |             |   |   | 11,865 |   |   |   | 6,096 |   |   |   | 45,511 |   |
| Travel and entertainment                  |   |               | 18,299     |   |              |   | 5,182     |             |   |   | 47,007 |   |   |   | 16,589 |   |   |   | 193,218 |   |
| Salaries, wages and benefits              |   |               | 2,161      |   |              |   | 3,085     |             |   |   | 3,168 |   |   |   | 13,988 |   |   |   | 49,363 |   |
| Foreign exchange (gain) loss              |   |               | 85         |   |              |   | (299      | )                |   |   | (530 | ) |   |   | (500 | ) |   |   | (557 | ) |
| Write-down of unproved mineral properties |   |               | -          |   |              |   | (97,203   | )                |   |   | - |   |   |   | 29,685 |   |   |   | 225,685 |   |
| Total operating expenses                  |   |               | 154,436    |   |              |   | 105,334   |             |   |   | 469,566 |   |   |   | 506,684 |   |   |   | 2,869,425 |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                  |   | $                  | (154,436   | )      |              | $      | (105,334  | )                |   | $ | (469,566 | ) |   | $ | (506,684 | ) |   | $ | (2,853,767 | ) |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss per share - basic and diluted    |   | $                  | (0.02      | )      |              | $      | (0.02     | )                |   | $ | (0.05 | ) |   | $ | (0.12 | ) |   |   |   |   |
|                                      |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares         |   |               |       |   |              |   |      |             |   |   |   |   |   |   |   |   |   |   |   |   |
| outstanding - basic and diluted           |   |               | 10,216,301 |   |              |   | 4,870,288 |             |   |   | 10,099,524 |   |   |   | 4,396,714 |   |   |   |   |   |

----

|                                                      | Common Stock Issued |       |   |   |   |   | Accumulated |   |   |        |   |
|-----------------------------------------------------------|---------------------|------------|--------|--------|--------|--------|-------------|--------|--------|-------------|--------|
|                                                 |                |       |   |   |   |   | Additional  |   |   |        |   |   | Other |   |   |   |   |
|                                                 | Number of           |       |   |   |   |   | Paid-in     |   |   | Accumulated |   |   | Comprehensive |   |   |   |   |
|                                                 | Shares              |       |   | Amount |   |   | Capital     |   |   | Deficit     |   |   | Loss |   |   | 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 | ) |
|                                                      |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at January 31, 2009                         |                | 4,156,002  |   |   |   | 4,156  |        |   |   | 1,469,343   |   |   |   | (1,673,456 | ) |   |   | (21,594 | ) |   |   | (221,551 | ) |
|                                                      |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                        |                | 1,428,572  |   |   |   | 1,428  |        |   |   | 98,572      |   |   |   | - |   |   |   | - |   |   |   | 100,000 |   |
|  Net loss for the nine months ended October 31, 2009 |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | (506,684 | ) |   |   | - |   |   |   | (506,684 | ) |
|  Foreign currency exchange loss                      |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | - |   |   |   | (32,321 | ) |   |   | (32,321 | ) |
|                                                      |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at October 31, 2009                         |                | 5,584,574  |   |   |   | 5,584  |        |   |   | 1,567,915   |   |   |   | (2,180,140 | ) |   |   | (53,915 | ) |   |   | (660,556 | ) |
|                                                      |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued for cash                        |                | 250,000    |   |   |   | 250    |        |   |   | 62,250      |   |   |   | - |   |   |   | - |   |   |   | 62,500 |   |
|  Common stock issued for debt                        |                | 3,841,727  |   |   |   | 3,843  |        |   |   | 1,148,675   |   |   |   | - |   |   |   | - |   |   |   | 1,152,518 |   |
|  Net loss                                            |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | (204,061 | ) |   |   | - |   |   |   | (204,061 | ) |
|  Foreign currency exchange loss                      |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | - |   |   |   | (3,495 | ) |   |   | (3,495 | ) |
|                                                 |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  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 for the nine months ended October 31, 2010 |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | (469,566 | ) |   |   | - |   |   |   | (469,566 | ) |
|  Foreign currency exchange loss                      |                | -          |   |   |   | -      |        |   |   | -           |   |   |   | - |   |   |   | (9,450 | ) |   |   | (9,450 | ) |
|                                                      |                |       |   |   |   |   |        |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance at October 31, 2010                         |                | 10,216,301 |   |   | $      | 10,217 |        |   | $      | 2,913,300   |   |   | $ | (2,853,767 | ) |   | $ | (66,860 | ) |   | $ | 2,890 |   |

----

|                                                                        |   | For the nine months |     |   | From January 10, |   |
|-----------------------------------------------------------------------------|--------|---------------------|----------|--------|------------------|--------|
|                                                                        |   | Ended October 31,   |     |   | 2005 (Inception) |   |
|                                                                        |   | 2010                |     |   | 2009             |   |   | to October 31, 2010 |   |
| Cash flows used in operating activities:                                    |   |                |     |   |             |   |   |   |   |
| Net loss                                                                    |   | $                   | (469,566 | )      |             | $      | (506,684 | ) |   | $ | (2,853,767 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                |     |   |             |   |   |   |   |   |   |   |
| Donated services and rent                                                   |   |                | -        |   |             |   | - |   |   |   | 14,250 |   |
| Write-down of unproved mineral properties                                   |   |                | -        |   |             |   | 168,740 |   |   |   | 225,685 |   |
| Changes in operating assets and liabilities:                                |   |                |     |   |             |   |   |   |   |   |   |   |
| Prepaids  and other receivables                                   |   |                | (18,812  | )      |             |   | (3,399 | ) |   |   | (35,987 | ) |
| Accounts payable                                                            |   |                | 79,769   |   |             |   | 51,185 |   |   |   | 219,088 |   |
| Accrued liabilities                                                         |   |                | (32,856  | )      |             |   | (131,771 | ) |   |   | 200,868 |   |
| Due to related parties                                                      |   |                | 263,684  |   |             |   | 196,104 |   |   |   | 689,422 |   |
| Accrued interest on notes payable to related party                          |   |                | 2,193    |   |             |   | 43,805 |   |   |   | 72,185 |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Net cash used in operating activities                                       |   |                | (175,588 | )      |             |   | (182,020 | ) |   |   | (1,468,256 | ) |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Cash flows used in investing activities:                                    |   |                |     |   |             |   |   |   |   |   |   |   |
| Acquisition of unproved mineral properties                                  |   |                | (17,336  | )      |             |   | (39,960 | ) |   |   | (1,025,557 | ) |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Net cash used in investing activities                                       |   |                | (17,336  | )      |             |   | (39,960 | ) |   |   | (1,025,557 | ) |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Cash flows provided by financing activities:                                |   |                |     |   |             |   |   |   |   |   |   |   |
| Cash received on issuance of notes payable to related party                 |   |                | 60,000   |   |             |   | 164,500 |   |   |   | 804,500 |   |
| Proceeds from issuance of common stock                                      |   |                | 135,000  |   |             |   | 100,000 |   |   |   | 1,756,750 |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Net cash provided by financing activities                                   |   |                | 195,000  |   |             |   | 264,500 |   |   |   | 2,561,250 |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Effects of foreign currency exchange                                        |   |                | (9,450   | )      |             |   | (32,321 | ) |   |   | (66,860 | ) |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Increase in cash                                                            |   |                | (7,374   | )      |             |   | 10,199 |   |   |   | 577 |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Cash, beginning                                                             |   |                | 7,951    |   |             |   | 26,115 |   |   |   | - |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| Cash, ending                                                                |   | $                   | 577      |   |             | $      | 36,314 |   |   | $ | 577 |   |
|                                                                        |   |                |     |   |             |   |   |   |   |   |   |   |
| 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 | ) |

----

|                                                                          |   | October 31,2010 |    |   | January 31,2010 |   |
|-------------------------------------------------------------------------------|--------|-----------------|---------|--------|-----------------|--------|
|                                                                          |   |            |    |   |            |   |
| Due to a company owned by an officer                                          |   | $               | 161,888 |   |            | $      | 26,324 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Due to a company controlled by directors                                      |   |            | 159,986 |   |            |   | 48,920 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Due to a company owned by a major shareholder and a relative of the president |   |            | 32,657  |   |            |   | 18,594 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Due to a major shareholder                                                    |   |            | 8,158   |   |            |   | 5,719 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Due to a relative of the president                                            |   |            | 125     |   |            |   | 125 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Due to a company owned by a major shareholder and a relative of the president |   |            | 552     |   |            |   | - |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Total due to related parties (a)                                              |   | $               | 363,366 |   |            | $      | 99,682 |   |
|                                                                          |   |            |    |   |            |   |   |   |
| Note payable to a related party (b)                                           |   | $               | 52,110  |   |            | $      | - |   |
| Note payable to a director (c)                                                |   |            | 10,083  |   |            |   | - |   |
| Total notes payable to related parties                                        |   | $               | 62,193  |   |            | $      | - |   |

----

|   | • | $119,273 and $96,418, respectively, in consulting and other business expenses with a company owned by the chief financial officer of the Company. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $104,125 and $89,192 respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses with a company controlled by two directors. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $83 and $0, respectively, in interest on note payable issued to a director of the Company. |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | • | $45,748 and $46,470, respectively, in administration, automobile, rental, and other business expenses with a company owned by a major shareholder and a relative of the president. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $19,324 and $18,608, respectively, in administration expenses with a major shareholder. |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | • | $2,627 and $0, respectively, in reimbursable expenses with a company owned by a major shareholder and a relative of the president. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   | October 31,2010 |    |   | January 31,2010 |   |
|------------------------------------------|--------|-----------------|---------|--------|-----------------|--------|
|                                     |   |            |    |   |            |   |
| Unproved mineral properties, beginning   |   | $               | 643,481 |   |            | $      | 753,519 |   |
| Acquisition                              |   |            | 17,336  |   |            |   | 58,702 |   |
| Unproved mineral properties written down |   |            | -       |   |            |   | (168,740 | ) |
| Unproved mineral properties, ending      |   | $               | 660,817 |   |            | $      | 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 |
|--------|---------|-----------------------------------------------------------------------------------------------------|

----

----

|                                        | October 31, 2010 | January 31, 2010 |
|---------------------------------------------|------------------|------------------|
| Working capital deficit                     | $(657,927)       | $(296,575)       |
| Current assets                              | $36,564          | $25,126          |
| Unproved mineral properties                 | $660,817         | $643,481         |
| Total liabilities                           | $694,491         | $321,701         |
| Common stock and additional paid in capital | $2,923,517       | $2,788,517       |
| Deficit                                     | $(2,853,767)     | $(2,384,201)     |

|                             | January 31,2010 | April 30,2010 | July 31,2010 | October 31,2010 |
|----------------------------------|-----------------|---------------|--------------|-----------------|
| Revenue                          | –         | –       | –      | –         |
| Net loss                         | $(204,061)      | ($196,851)    | ($118,279)   | ($154,436)      |
| Basic and diluted loss per share | $(0.03)         | ($0.02)       | ($0.01)      | ($0.02)         |

|                             | January 31,2009 | April 30,2009 | July 31,2009 | October 31,2009 |
|----------------------------------|-----------------|---------------|--------------|-----------------|
| Revenue                          | $1,397          | –       | –      | –         |
| Net loss                         | $(371,841)      | ($290,188)    | $(111,162)   | $(105,334)      |
| Basic and diluted loss per share | $(0.09)         | ($0.07)       | $(0.03)      | $(0.02)         |

----

|                                     |   | Three monthsended October 31, |    |   | Changes between the periods endedOctober 31, |   |    | Nine monthsended October 31, |   |   | Changes between the periods endedOctober 31, |   |
|------------------------------------------|--------|-------------------------------|---------|--------|----------------------------------------------|--------|---------|------------------------------|--------|--------|----------------------------------------------|--------|
|                                     |   | 2010                          |    |   | 2009                                         |   |    | 2010 and 2009                |   |   | 2010                                         |   |   | 2009 |   |   | 2010 and 2009 |   |
| Operating Expenses                       |   |                          |    |   |                                         |   |    |                         |   |   |                                         |   |   |   |   |   |   |   |
| Administration                           |   | $                             | 27,812  |   |                                         | $      | 17,302  |                         |   | $      | 10,510                                       |   |   | $ | 66,527 |   |   | $ | 60,283 |   |   | $ | 6,244 |   |
| Advertising and promotion                |   |                          | 25,488  |   |                                         |   | – |                         |   |   | 25,488                                       |   |   |   | 83,097 |   |   |   | 26,560 |   |   |   | 56,537 |   |
| Automobile                               |   |                          | 5,709   |   |                                         |   | 5,643   |                         |   |   | 66                                           |   |   |   | 18,346 |   |   |   | 16,674 |   |   |   | 1,672 |   |
| Bank charges and interest                |   |                          | 8,182   |   |                                         |   | 2,123   |                         |   |   | 6,059                                        |   |   |   | 24,531 |   |   |   | 4,887 |   |   |   | 19,644 |   |
| Consulting fees                          |   |                          | 38,800  |   |                                         |   | 32,654  |                         |   |   | 6,146                                        |   |   |   | 107,795 |   |   |   | 78,226 |   |   |   | 29,569 |   |
| Interest on notes payable                |   |                          | 864     |   |                                         |   | 15,953  |                         |   |   | (15,089                                      | )      |   |   | 2,193 |   |   |   | 43,805 |   |   |   | (41,612 | ) |
| Mineral exploration costs                |   |                          | 548     |   |                                         |   | 117,781 |                         |   |   | (117,233                                     | )      |   |   | 13,519 |   |   |   | 162,922 |   |   |   | (149,403 | ) |
| Office                                   |   |                          | 3,069   |   |                                         |   | 1,066   |                         |   |   | 2,003                                        |   |   |   | 6,296 |   |   |   | 3,619 |   |   |   | 2,677 |   |
| Professional development                 |   |                          | – |   |                                         |   | – |                         |   |   | –                                      |   |   |   | 4,008 |   |   |   | – |   |   |   | 4,008 |   |
| Professional fees                        |   |                          | 19,661  |   |                                         |   | (2,230  | )                            |   |   | 21,891                                       |   |   |   | 72,178 |   |   |   | 34,713 |   |   |   | 37,465 |   |
| Rent                                     |   |                          | 3,333   |   |                                         |   | 3,014   |                         |   |   | 319                                          |   |   |   | 9,566 |   |   |   | 9,137 |   |   |   | 429 |   |
| Regulatory                               |   |                          | 425     |   |                                         |   | 1,263   |                         |   |   | (838                                         | )      |   |   | 11,865 |   |   |   | 6,096 |   |   |   | 5,769 |   |
| Travel and entertainment                 |   |                          | 18,299  |   |                                         |   | 5,182   |                         |   |   | 13,117                                       |   |   |   | 47,007 |   |   |   | 16,589 |   |   |   | 30,418 |   |
| Salaries, wages and benefits             |   |                          | 2,161   |   |                                         |   | 3,085   |                         |   |   | (924                                         | )      |   |   | 3,168 |   |   |   | 13,988 |   |   |   | (10,820 | ) |
| Foreign exchange loss (gain)             |   |                          | 85      |   |                                         |   | (299    | )                            |   |   | 384                                          |   |   |   | (530 | ) |   |   | (500 | ) |   |   | (30 | ) |
| Written down unproved mineral properties |   |                          | – |   |                                         |   | (97,203 | )                            |   |   | 97,203                                       |   |   |   | – |   |   |   | 29,685 |   |   |   | (29,685 | ) |
| Net loss                                 |   | $                             | 154,436 |   |                                         | $      | 105,334 |                         |   | $      | 49,102                                       |   |   | $ | 469,566 |   |   | $ | 506,684 |   |   | $ | (37,118 | ) |

----

|   | • | During the nine months ended October 31, 2009, we wrote down $29,685 in mineral property acquisition costs after we wrote down several generative claims. During the nine months ended October 31, 2010, we did not write down any of our properties. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the nine months ended October 31, 2009, we contracted the services of a full-time geologist and prepared an NI 43-101 report on our Farellon property, which resulted in mineral exploration expenditures of $162,922 as opposed to $13,519 during the same period of 2010 as we conducted only minimal exploration activities. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our advertising and promotion and travel and entertainment expenses increased by $56,537 and $30,418, respectively, as a result of increased investor relations activities. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our bank charges and interest costs increased by $19,644, to $24,531 during the nine months ended October 31, 2010 compared to $4,887 for the nine months ended October 31, 2009, reflecting interest accrued on some outstanding vendor and related party invoices. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | On April 14, 2010, we resumed filing reports with the Securities and Exchange Commission, which resulted in an increase of our professional and regulatory fees by $37,465 and $5,769, respectively. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | During the nine months ended October 31, 2010 we accrued $2,193 in interest on the promissory notes outstanding at October 31, 2010. During the nine months ended October 31, 2009 we accrued $43,805 in interest on promissory notes outstanding at October 31, 2009. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                      |   | October 31, |     |
|-------------------------------------------|--------|-------------|----------|
|                                      |   | 2010        |     | 2009 |
| Net cash provided by financing activities |   | $           | 195,000  |   |   | $ | 264,500 |   |
| Net cash used in operating activities     |   |        | (175,588 | ) |   |   | (182,020 | ) |
| Net cash used in investing activities     |   |        | (17,336  | ) |   |   | (39,960 | ) |
| Effect of foreign currency exchange       |   |        | (9,450   | ) |   |   | (32,321 | ) |
| Net increase (decrease) in cash           |   | $           | (7,374   | ) |   | $ | 10,199 |   |

----

|                                                                                                                                                                                                                                                                                                                          |                                 |   | Hectares  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------|-----------|--------|
| Property                                                                                                                                                                                                                                                                                                                      | Percentage, type of claim            |   | Per claim |   |   | Total |   |
| Farellon                                                                                                                                                                                                                                                                                                                      |                                 |   |      |   |   |   |   |
|     Farellon 1 – 8 claim                                                                                                                                                                                                                                                                            | 100%, mensura                        |   |      | 66     |   |   |   |   |
|     Farellon 2 and 3 claims                                                                                                                                                                                                                                                                               | 100%, pedimentoa                     |   |      |   |   |   |   | 500 |   |
|     Cecil 1 – 49 claims                                                                                                                                                                                                                                                                             | 100%, mensura                        |   |      | 230    |   |   |   |   |   |
|     Cecil 1 – 40 and Burghley 1 – 60 claims                                                                                                                                                                                                                                                   | 100%, manifestacion                  |   |      | 500    |   |   |   | 730 |   |
|                                                                                                                                                                                                                                                                                                                          |                                 |   |      |   |   |   |   | 1,230 |   |
| Mateo                                                                                                                                                                                                                                                                                                                         |                                 |   |      |   |   |   |   |   |   |
|     Margarita claim                                                                                                                                                                                                                                                                                       | 100%, mensura                        |   |      | 56     |   |   |   |   |   |
|     Che 1 & 2 claims                                                                                                                                                                                                                                                                                  | Option for 100%, mensura             |   |      | 76     |   |   |   |   |   |
|     Irene & Irene II claims                                                                                                                                                                                                                                                                           | Purchase agreement for 100%, mensura |   |      | 60     |   |   |   |   |   |
|     Mateo claims                                                                                                                                                                                                                                                                                          | 100%, pedimentob                     |   |      |   |   |   |   | 2,200 |   |
|                                                                                                                                                                                                                                                                                                                          |                                 |   |      |   |   |   |   | 3,430 |   |
| a These pedimentos are staked over the Farellon mensura to claim the mineral interests around it and include the 66 hectares covered by the mensura.b This pedimento is staked over the Margarita, Che, and Irene mensuras to claim the mineral interests between them and includes the 192 hectares covered by the mensuras. |                                 |

----

|   | • | 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. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Irene option .Under the terms of our option agreement with Minera Farellon, we must pay 21 million Chilean pesos (approximately $43,000 US) by March 1, 2011 to exercise the option and purchase the Irene claims. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Table 6: Sales of unregistered securities |
|-------------------------------------------|
|                                      | Shares |   | Warrants |
| Date of issue                             | Number | Price | Proceeds |   | Number | Price | Expiry |
| 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 |
|                                      | 540,000 |   | $135,000 |   | 540,000 |   |   |

----

----

| Table 7: Due to related parties                    |
|----------------------------------------------------|
|                                               | October 31, 2010 | January 31, 2010 |
| Due to Da Costa Management Corp.                   | $161,888 | $26,324 |
| Due to Fladgate Exploration Consulting Corporation | $159,986 | $48,920 |
| Due to Minera Farellon Limitada                    | $32,657 | $18,594 |
| Due to Kevin Mitchell                              | $8,158 | $5,719 |

|   | • | $119,273 and $96,418, respectively, in consulting and other business expenses for services provided by Da Costa Management Corp., a company owned by our CFO and treasurer |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $104,125 and $89,192, respectively, in administration, advertising and promotion, mineral exploration, travel and other business expenses for services provided by or paid on our behalf by Fladgate Exploration Consulting Corporation, a company controlled by our directors |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $45,748 and $46,470, respectively, in administration, automobile, rental, and other business expenses for services provided by Minera Farellon Limitada, a company owned by Kevin Mitchell, a major shareholder, and Richard Jeffs, the father of our president |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | $19,324 and $18,608, respectively, in administration expenses for services provided by Kevin Mitchell |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|                                                                                    | October 31,2010 | January 31,2010 |
|-----------------------------------------------------------------------------------------|-----------------|-----------------|
| Note payable on demand, unsecured, bearing interest at 6% per annum, compounded monthly | $50,000         | –         |
| Note payable on demand, unsecured, bearing interest at 8% per annum, compounded monthly | 10,000          | –         |
| Accrued interest                                                                        | 2,193           | –         |
|                                                                                    | $62,193         | –         |

----

----

| Exhibit                                                                                                                                                                                 | Description                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
| 3.1.1                                                                                                                                                                                   | Articles of Incorporation1                                                    |
| 3.1.2                                                                                                                                                                                   | Certificate of Amendment to Articles of Incorporation2                        |
| 3.2                                                                                                                                                                                     | By-laws1                                                                      |
| 31.1                                                                                                                                                                                    | Certification pursuant to Rule 13a-14(a) and 15d-14(a) (4)2                   |
| 31.2                                                                                                                                                                                    | Certification pursuant to Rule 13a-14(a) and 15d-14(a) (4)2                   |
| 32                                                                                                                                                                                      | Certification pursuant to Section 1350 of Title 18 of the United States Code2 |
| 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 333-134-3632Filed herewith |

----

|   | RED METAL RESOURCES LTD. |                                                 |
|--------|--------------------------|------------------------------------------------------|
|   |                     |                                                 |   |
|   | By:                      | /s/ Caitlin Jeffs                               |   |
|   |                     | Caitlin Jeffs, Chief Executive Officer and President |   |
|   |                     |                                                 |   |
|   | By:                      | /s/ John Da Costa                                    |   |
|   |                     | John DaCosta, Chief Financial Officer           |   |