The little silver is a button under the little red light. It looks aftermarket. I was just curiousIs it a button? Or an RF ID tag kind of thing. Maybe an aftermarket imobilizer or some such thing.
It's one of those aftermarket immobiliser/alarms could be either or both .
If still operating you should have a black plastic thing on you key that maybe looks like a little bullet if you hold end against silver bit it will arm then touch again will disarm.
This is my Dakar key it has something similar just a different design.
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Stephen.