[EricH]

Originally Posted by nighterfighter

I used a 1/2 bit again, and have managed to make a small indentation. I didn't want to go to much, because the magnet was getting hot (still has it magnetism though!) so I am letting it cool down.

A word of caution: use cooling oil or cutting fluid, if you aren't already. You're heating and cooling the metal; this can harden it further, making it more difficult to cut. I've seen even a heat-treated sprocket take a lot of time and cutting fluid to drill a hole in it. 3 holes were needed in that one, too, and it's softer than that magnet likely is.

Take your time, use lots of cutting fluid (or cooling oil), and if you aren't sure you can keep going, stop.

And think of how much extra you're learning about magnets...