Phased magnets have fused iridium and phased projectiles, into one lethal weapon upgrade.
Phased Magnets are a booster for projectile weapons, it increases projectile weapon's bullet speed and the amount of shields they bypass. They are only available in the event Revenge. They are a hybrid of phased projectiles and Iridium magnets. They are relatively rare to be seen in use, usually by high level or mid level players equipped on frigates, cutters or cruisers along with powerful projectile weapons such as Tempest drivers or Storm drivers. Mid level players are rarely seen using this weapon boost due to its lack of availability in riots, but are sometimes seen in use in combination with Gemini drivers.
Upgrade your ranged weapons with the Phased Magnets.
— Event Store
Main advantage of the phased magnets is that it compressing both the projectile speed increase along with shield bypass capabilities into a single special slot. It's overall weight increase on weapons at level III is less than of both Iridium magnets V and phased projectiles V combined together, it is still a rather hefty weight increase in comparison with other weapon boosters.
They are not as effective as phased projectiles in shield bypass damage, although can still bypass a significant amount of shield defences and gravely damage their targets. Players who equip phased magnets, usually equip a thruster as well, usually Fusion thrusters. Use of Gladius drivers with phased projectiles and Iridium magnets were popular on cruisers years ago, but they lacked thrusters. A thruster along with phased magnets will grant ships ability to better manoeuvre in combat and inflict damage that partially ignores shields.