Sharks have super- sensitive pores just below their nose, called ampullae of lorenzini. It picks up electron signals, sending it inevitably and directly towards its prey. It works through electro magnetism. The magnet overcharges the ampullae of lorenzini, causing the shark to turn away.

The following video is a segment featuring Rob Torelli and Mark Preist on Australian television discussing a product made from the Neodymium compound.