Meteors are extremely rare randomly generated events where a large rock from outer space is called down from the sky naturally or due to magical forces, such as the Lonely God.
Manual Spawning Edit
Meteors used to be able to manually spawn by destroying the "Lonely God" but Booga Booga have removed this feature from the game due to people getting to the Magnetite level in a few hours.
Once a Meteor falls from the sky, locate it's landing path and go to where it landed. At the site you will discover a Meteor Core, surrounded by Stone and Meteor Rock. There will also be 2 Magnetite Shellys surrounding the meteor. Mining the Core or Meteor Rock will allow you to obtain Magnetite. This is currently the only method to obtain Magnetite besides buying a Magnetite chest, if you mine the the Meteor Core it will give you 3 pieces of raw Magnetite, there is 1 Meteor Core, 3 Meteor stones and 2 Magnetite Shellys, the Meteor stones will give you 1 each but if you cook the stone on top of each Meteor Stone you will get 1 extra Magnetite Bar form each one. And Finally the Magnetite Shelly will give you 1 piece of Magnetite. You will get 8 pieces of Magnetite in total, if you cook the Magnetite on top of the Meteor Stones then you'll get 11 Magnetite pieces in total.