[Nickj]

The locks are just locks, purely mechanical.
The immobiliser ring is just a coil of wire, consider it an ariel.

Now the key is a two part device, the key that turns the mechanical lock AND a little gizmo chip that gives the ariel a code to the ECU which has a few slots to hold key codes.
So the keys (black) each of them has a unique code that the bike has to know.

You have a few choices
1. Get the ECU to accept the new key. That needs the code card or red key.
2. If you already have a key that can start the bike (mechanical lock broken or not) you could swap out the chip in the key
3. If you have a working key as above then you could get a new key cut and have the chip code cloned.
4. You can change the ignition circuit to remove the immobilser section of the ECU.