If it's tougher than iron, why are they planning to use a magnet to retrieve it?
It seems like they must still be assuming it's largely made of Iron.
https://en.wikipedia.org/wiki/Ferromagnetism#Ferromagnetic_m...
But with proper equipment you can detect non magnetic conductive materials. Not sure what's it called, but if you pass a magnet near eg. copper the magnetic force from the magnet will induce electricity on copper which in turn with also produce a slight magnetic field. There are many good YouTube videos on this topic and they're quite cool! (https://youtu.be/u7Rg0TcHQ4Y)