Mr. Andy Chow reports

REPORT OF ACQUISITION OF COMMON SHARES AND WARRANTS OF RED METAL RESOURCES LTD.

Pursuant to a private placement of units of Red Metal Resources Ltd., on Jan. 19, 2026, Andy Chow acquired beneficial ownership of 2.5 million units of Red Metal at a price of six cents per unit for total consideration of $150,000. Each unit consisted of one common share of Red Metal and one common share purchase warrant, with each warrant being exercisable to purchase one common share at a price of: (i) nine cents per common share for the first 12 months from the date of issuance; 12 cents per common share from 12 to 24 months after the date issuance; and (iii) and 15 cents per common share from 24 to 36 months after the date of issuance, expiring on Jan. 19, 2029.

Immediately prior to the private placement, Mr. Chow had beneficial ownership of 4,215,000 common shares, representing approximately 10.53 per cent of the then issued and outstanding common shares of Red Metal.

Immediately after the closing of the first tranche of the private placement, Mr. Chow had beneficial ownership of 6,715,000 common shares and 2.5 million warrants, representing approximately 13.66 per cent of the issued and outstanding common shares on an undiluted basis, and, assuming the exercise in full of the 2.5 million warrants acquired under the private placement, Mr. Chow would have deemed beneficial ownership of 9,215,000 common shares, representing approximately 17.84 per cent of the deemed issued and outstanding common shares on a partially diluted basis.

Mr. Chow acquired the common shares of Red Metal for investment purposes. Mr. Chow may, from time to time and at any time, acquire additional common shares and/or other equity, debt or other securities or instruments of Red Metal in the open market or otherwise, and reserves the right to dispose of any or all securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Red Metal, and other relevant factors.

A copy of the related early warning report to be filed under applicable securities laws will be available under Red Metal's profile on SEDAR+ or from Mr. Chow at 1-866-907-5403.