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A method of preparing a permanent magnet nanocomposite. The method melting a precursor alloy having a hard magnetic phase and a magnetically soft phase. The hard magnetic phase has less than a stoichiometric amount of rare earth metal or noble metal. The melted precursor is cast into flakes and milled into a powder. The powder may then be pressure crystallized by pressurizing and heating the powder for a pressurization time. The powder is held at a crystallization temperature and pressure for a hold time to promote crystal growth. Crystal growth may then be rapidly quenched.