I am developing a story set on an exoplanet that was colonized by spacefaring humans but has long since lost all contact with the homeworld due to some unknown catastrophe at least 12,000 years before the present. The current civilizational level is pre-electrical, although some more forms of power that do not require electricity may possibly be available (i.e., primitive steam power, wind/water-driven mechanical power for things like milling, maybe pneumatic power).
The planet is tidally locked within the habitable zone of an M-type red dwarf star, which itself orbits an M-type yellow star at approximately 1.5 AU. It has a roughly Earthlike silica and metal composition, but it is a stagnant lid planet (no plate tectonics). Roughly 90% of its surface is covered with relatively shallow oceans (average depth of about 100m), and the only land masses are large volcanic island chains formed through volcanic hotspots underneath the shifting stagnant lid (this is how mid-plate islands like the Hawaiian islands are formed; also the large shield volcanoes on Mars like Olympus Mons).
It is my understanding that due to the lack of plate tectonics, some common metals and metal ores may be scarce or difficult to access on land on such a planet. Although from the research I've done, the volcanic activity would still tend to deposit some of the basic metals such as copper, nickel, iron, tin, etc., just not in the amounts present in many places on Earth. The Hawaiian islands, for instance, don't have a lot of easily mineable resources, it seems.
Furthermore, this planet was only recently (on a geological timescale) terraformed, beginning approximately 50,000 years before present. Before this process began, it was a dead planet and therefore has no fossil fuel deposits like coal which could be used for metallurgy.
My question is, given all of this background information, what level of metallurgy would it be feasible for a pre-electrical civilization on this planet to have? Real-life Polynesian cultures were at pre-Bronze Age levels of metallurgy. On the other hand, other volcanic hotspot islands such as Iceland have supported Iron Age to modern civilizations, although I'm not sure how much of that is due to importing resources from other parts of the world.