I know this question has been asked a few times, so apologies if I'm doubling up; I've read the other posts and wasn't sure if they apply to my situation.
I recently got rid of a bougainvillea on top of the garden shed, and found that a layer of dirt and pine needles had badly rusted the roof and even made a small hole.


I understand my two options are replacing the roof with new sheets, or using some kind of rustbuster combined with an exterior waterproofer.
What's the best option, given the scale of the damage?
I'm not sure what material the roof is (the shed was put up by the previous owner) but assume its galvanised iron? Here's a close-up of the sheet material.

The hole is fairly small, about the size of a 20c coin.
There's five sheets on the roof, each one measuring approx 300cm x 87cm.
Thanks in advance!
James