3 ASX mining shares soaring by more than 30% on Friday

The commodity trade appears to have hardly exhausted itself with ASX miners posting solid gains today.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) has climbed 188 basis points at the time of writing on Friday, outpacing the benchmark S&P/ASX 200 Index (ASX: XJO)’s 38 basis point rise.

Here are three standouts among ASX mining shares that have surged more than 30% on Friday.

Galileo Mining Ltd (ASX: GAL)

Shares of Galileo Mining raced north in early trade today, quickly heading to an intraday high of $1.95 apiece before settling back down to $1.75 on last check.

The miner has seen its share price explode in 2022 amid a number of positive updates, ranging from positive drill assays to billionaire mining prospectors upping their equity stake.

Today the company reported assays from a drill hole at its Callisto project in Western Australia had intersected rhodium, the corrosion-resistant metal used in vehicle pollution controls.

Assays at Callisto returned rhodium values up to 0.094 grams per tonne with average values across the 33-metre interval of 0.05 grams per tonne, according to the company’s release.

In the last 12 months, the Galileo Mining share price has surged more than 500% and has spiked almost 700% this year to date.

Ragusa Minerals Ltd (ASX: RAS)

Shares of Ragusa Minerals are currently moving 22% in the green after first nudging to an intraday high of 20 cents apiece in early trade.

The company announced earlier in the week that it has pivoted towards lithium, a step away from its traditional gold roots.

Ragusa has invested in a farm-in agreement that sees it lay claim over an initial 90% interest across five lithium tenements up in the Northern Territory.

Within the agreement is the option to increase that interest to full 100% ownership in the future.

Investors have rallied the Ragusa share price after the news such that the stock has climbed 118% this week, at the time of writing.

In the last 12 months, it has gained 113%, well ahead of most small-cap names in the sector.

Oklo Resources Ltd (ASX: OKU)

Oklo Resources has also seen its share price explode on Friday, currently trading 93% higher at 15 cents.

Investors have been rushing to secure a seat in the company after it announced yesterday that New York listed B2Gold Corporation is to “acquire 100% of the shares in Oklo by way of a board-recommended
scheme of arrangement.”

Under the arrangement, Oklo shareholders will receive a combined scrip and cash consideration with an implied value of 17.25 cents per Oklo share.

This is comprised of 0.0206 B2Gold shares per Oklo share and a cash consideration of 5.25 cents cash per Oklo share, the company said.

The move would therefore see shareholders realise a premium of around 19% at the time of writing, but the spread of this premium is closing at pace.

The post 3 ASX mining shares soaring by more than 30% on Friday appeared first on The Motley Fool Australia.

More reading

• Why this little-known ASX mining share is soaring 87% today
• Up 700% in 2022, why the Galileo Mining share price is leaping another 36% today
• 3 ASX mining shares going gangbusters on Thursday
• Galileo Mining share price surges another 25% on ‘very important’ drill results
• The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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