I'm glad you bought the gun before you found out about all the "pot metal" that is used in all the rimfire Henrys....
The cover is some sheet alloy. The receiver is ZAMAC, otherwise known as "pot metal". As is the cartridge elevator. But don't let this worry you. There's reports of these rifles still going strong today over on the RFC Henry forum. Some are being estimated at well over 50K round counts and still shooting just fine.
At around something like 2500 to 3000 rounds a while back I felt guilty and finally broke the rifle down to clean out the receiver. It was the first time it had been opened up since being put together at the factory. What I found is that I shouldn't have bothered. The insides were fine other than a slight fouling stain around the face of the bolt. A stain that is easy to clean away through the ejection opening. I also found exactly ZERO signs of even any wear. Just a very slightly shinier finish on the surfaces that rub against each other.
I don't have any kids to give this thing to. But I'm pretty sure that whoever gets it from me will be able to hand it down to THEIR kids after using it themselves and it'll still be going strong when it's handed down to those kid's kids.