Add iron oxide powder to a bowl.

Add glue and water to the bowl.

Gently stir and mix all ingredients thoroughly until well combined.

Add liquid starch to mixture.

As soon as you start mixing you will see the chemical reaction start to happen.  It goes from a liquid mixture to a lumpy mixture almost like a sticky cottage cheese.

Knead the slime in the bowl by folding it into itself and stretching it slightly.

This will help to thoroughly combine the mixture.

This slime is going to be a little runnier than regular slime.

Use a paper towel to remove any leftover liquid.

Use strong magnets to interact with magnetic goo.

Store in an airtight container and add water to keep moist.