It's using the high and low threshold inputs only, no "reset" as with the more common 555 arrangement.
As an oscillator it works like a simple schmitt trigger R-C type, such as on this page:
The output only changes when the input reaches about 2/3 supply as the capacitor voltage rises, then changes the opposite way when the cap voltage drops to around 1/3 supply.
The out switches opposite to the input, so as soon as it eg. reaches the high threshold the output switches low and the voltage starts dropping again.
The 555 version has much higher output current capability so it can also drive a loudspeaker.
The coil inductance will change with proximity to metal so could vary the frequency to some extent by changing the feedback.