The ring area broke off my keychain just in time for its replacement to arrive.
Since the Tile people didn’t want my old, dead tiles back (they did last year), I took this busted one apart to see in there and maybe get an idea how it works.
The middle area is what reacts to the button being pressed.
As I suspected, it’s mostly a battery but the tiny printed circuit board contains all those tiny Wi-Fi and Bluetooth controllers.