I do agree with other's comments about removing the saw and firesteel (except if he really knows how to use it to make a fire ; then add tinder !);
AFAIK, the main idea when a kid gets lost is for him to STAY PUT !
Then he will need whistle and possibly mirror to signal his position and shelter to stay warm while waiting for rescue. IMHO, a cheap poncho and a cheap space blanket do not fit the bill.
I second Ironraven idea to replace the space blanket by a Heatsheet blanket or Bivvy (hope he is old enough to use it correctly and not suffocate inside it !).