Can I drill a hole in the magnet?

Neodymium magnets

Drilling (or cutting) into neodymium magnets is generally not recommended. Firstly, the material is hard and brittle. Secondly, drilling creates flammable dust, and thirdly, heating the magnet can cause demagnetization of the material.

Experts can machine magnets with special diamond tools and constant water cooling. However, this typically occurs before the material is magnetized. You should also keep in mind that magnets that lose part of their surface treatment due to drilling will cease to be corrosion-resistant.