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If you still can't find magnetite in Deep Lilypads, Spy pengling area in the glacial basin or inside the icebergs, then that means your save file is too old. Remember that the map doesn't update properly in the experimental build.
https://steamcommunity.com/sharedfiles/filedetails/?id=2127916664
https://steamcommunity.com/sharedfiles/filedetails/?id=2127919607
I've had Sea Monkey's bring me:
Quartz
Titanium
Copper
Silver
Gold
Lead
Lithium
Magnetite
Table Coral
And, oddly enough, Glass! (When I pinned Enameled Glass recipe)
I know you have found it now (Cheers Ignis) but thought this was still a useful tip to mention.
The Wiki says it's " ...on the Seabed in the Deep Lilypads Cave". That's not strictly true; it IS in the Deep Lilypads Cave but not on the seabed/floor. It's mainly on the rock walls and ceiling which is a very similar colour to magnetite so it's hard to spot. Using a Mineral Detector to get the rough location and searching the walls with a torch worked for me.
https://steamcommunity.com/sharedfiles/filedetails/?id=2276248503