The Oklo Resources Ltd (ASX: OKU) share price is soaring to its highest level this year on the back of a takeover bid.

The junior gold explorer announced after the market closed yesterday that B2Gold Corp. (TSE: BTO) made a circa $90 million offer for the ASX minnow.

Big takeover premium for Oklo shares

The Canadian miner is offering to pay 5.25 cents and swap 0.0206 B2Gold shares for every Oklo share.

This implies a total offer price of 17.25 cents per Oklo share based on today's exchange rate.

The Oklo share price surged 87% to 14 cents during lunchtime trade. In contrast, the S&P/ASX All Ordinaries Index (ASX: XAO) gained 0.8%.

It isn't surprising to see the Okla share price trade under the offer price. The target's shareholders have to wear the risk when it comes to the exchange rate and B2Gold's share price until the deal is locked in.

Oklo's board backing the acquisition

The target's board is backing the takeover in the absence of a better offer and is encouraging shareholders to accept the deal. The ASX miner pointed out that B2Gold is paying a large premium for the West African gold junior.

The offer price is a 127% premium to the last traded price on 25 May and 103% above the 30-day volume weighted average price.

Jewel in the crown

What the bidder gains is optionality over Oklo's high grade Dandoko Project in Mali. Dandoko is located east of the prolific Senegal-Mali Shear Zone. It's close in proximity to numerous world-class gold operations.

Oklo reported that an initial Measured, Indicated and Inferred JORC 2012 compliant resource of 11.3Mt at 1.83g/t gold for 668.5kOz contained gold encompassing the Seko, Koko, Disse and Diabarou deposits. These deposits remain open and are expected to grow with ongoing drilling either along strike or at depth.

More about the $90 million takeover bid

The offer from B2Gold implies a $135 per ounce of gold acquisition price. Oklo's board has also reminded shareholders they can still participate in the upside as they will own some of B2Gold's Toronto-listed shares.

Oklo's managing director, Simon Taylor, commented:

The B2Gold proposal was welcomed by the Oklo Directors and comes at an opportune time for Oklo shareholders to crystalise value and de-risk their investment in the Company.

Whilst the Oklo team continues to see significant potential in the Dandoko Project and the region generally, Dandoko is at an inflection point and this transaction removes the risks associated with project development, future capital raisings and other risks faced by a junior gold explorer in a foreign jurisdiction.

The takeover will be done via a scheme of arrangement and is subject to Oklo shareholders' approval. The scheme is also subject to other customary conditions.

While the Oklo share price has surged today, the explorer has only gained 1.4% in value over the past year.

The post Why this little-known ASX mining share is soaring 87% today appeared first on The Motley Fool Australia.

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.