Step 3: Assemble!
I found that only one washer would fit on the bottom of the magnet, and that the remaining 4 or 5 will need to go on top. Assemble mount by placing the bolt through the hole that already exists on the magnet.
(NOTE: We did have to expand this hole very slightly with a "round bastard file" if you buy the exact same one from menards you will have to do this with a file... or a dremel... or something.)
Ended up going Bolt>washer>magnet>washer>washer>washer>washer>GoPro Tripod Mount