A method of near net shaping a rare earth permanent magnet and a permanent magnet. The method includes introducing a magnetic material powder into a die, closing the die and shock compacting the powder in the die and sintering the compacted magnet powder to form the rare earth permanent magnet part. In one form, the magnetic material being subjected to compaction is a mixture made up of two or more different magnetic material powder precursors. Additional materials may be added to the mixture. One such additional material may be a lubricant to reduce the likelihood of cracking, while another may be a coating to provide oxidation protection of the mixture. Evacuation or inert environments may also be used either prior to or in conjunction with the sintering or related high-temperature part of the process.