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A method of making a permanent magnet and a permanent magnet. The method includes using metal injection molding to mix a magnetic material with a binder into a common feedstock and injection mold the feedstock into a predetermined magnet shape. The injection molding of the feedstock takes place in conjunction with the application of a magnetic field such that at least some of the magnetic constituents in the feedstock are aligned with the applied field. After the alignment of the magnetic constituents, the shaped part may be sintered. In one form, the magnetic constituents may be made from a neodymium-iron-boron permanent magnet precursor material, as well as one or more rare earth ingredients.