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.
Image source: Getty Images
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.
