500mg Magnesium Gluconate (consists of 5.3% Magnesium bound to 94.7% Gluconate). What is Magnesium Gluconate?. What does Magnesium Gluconate do?. The NRV for Magnesium for adults is 375mg. Without Magnesium we could not produce energy; muscles would be in a permanent state of contraction, and levels of cholesterol produced and released into the blood stream could not be regulated.