Traditional methods to track the reactivity of supplementary cementitious materials (SCMs) and their contribution to the hydration mechanism mostly use Portland Cement (PC) as an activator. Alternatively, a novel method to assess the reactivity of SCMs called R3 was recently presented. This novel method uses lab grade chemicals such as portlandite (CH), K2SO4, KOH, and CaCO3 to activate the SCM by resembling the pH of the alkaline pore solution created by PC. By using this method, the reactivity of the SCM can be easily quantified from measured heat release, bound water content, and CH consumption. The primary objective of the current study is to apply the novel methodology to analyze the reactivity of Modified Ferro Silicate (MFS) Cu slag benchmarked against siliceous fly ash (FA), ground granulated blast-furnace slag (GGBFS), and inert quartz filler. GGBFS showed the highest cumulative heat release and bound water content due to its latent hydraulic behavior. Determination with XRD analysis of the major phase of the R3 model MFS slag paste showed the participation of Fe in the hydration mechanism by forming Fe-AFm. R3 paste with GGBFS showed the presence of hydrotalcite/Al-AFm, whereas FA showed the presence of ettringite (AFt) as their crystalline reaction products. The experiments also indicate that the MFS slag acts as a reactive pozzolanic material with an acceptable performance in heat release, bound water content, and CH consumption, and can be used as SCM to make concrete. With the possibility of using MFS slag as SCM to replace part of PC, sustainability and circular economy can be fairly well achieved.