In this work, the input electrical discharge characteristics and output ion beam current from cold grid cathode Penning ion source are improved using four samarium cobalt permanent magnet rods at different pressures and gases. The optimum magnetic field intensity is determined at constant pressure using argon gas. The output ion beam current at the optimum magnetic field intensity is measured at different pressures using argon gas. Comparison between the output ion beam current without magnetic field and at optimum magnetic field intensity at constant pressure is made using argon gas. It is found that the output ion beam current values at the optimum magnetic field intensity increases about twice its initial values without magnetic field. Spinel ferrite nanoparticles samples are prepared using hydrothermal method. The synthesized lead doped Cadmium ferrite nanoparticles samples is exposed to optimum nitrogen ion beam from cold grid cathode Penning ion source to show its ability to attenuate different gamma ray energies emitted from radiation sources. Linear attenuation coefficient and ten value thickness of the samples are determined from measurements using a collimated gamma ray from Cobalt-60 and CS-137 sources before and after exposure to nitrogen ion beam. Also, particle size and surface area of the samples at different lead concentrations before and after exposure to nitrogen ion beam are determined. It is found that after exposure lead doped cadmium ferrite nanoparticles samples to nitrogen ion beam led to improve its radiation protection properties of the samples.