These were the 3 best-performing ASX All Ords shares in November

These All Ords shares knocked it out of the park in November.

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The S&P/ASX All Ordinaries Index (ASX: XAO) delightfully dished up another positive month in November.

Share markets have been buoyed by signs that inflation may have peaked and the pace of interest rate hikes could slow.

So, as optimism abounded, the ASX All Ords index continued its recovery, gaining 6.0% across the month to close out spring at 7,480 points.

As always, some ASX All Ords shares were soaring to loftier heights than the rest.

Without further ado, here are the three best-performing ASX All Ords shares in November in terms of share price gains.

Aeris Resources Ltd (ASX: AIS)

Topping the ASX All Ords tables in November was mid-tier base and precious metals producer Aeris Resources.

The Aeris Resources share price shot up 64% across the month to finish at 53 cents as its market capitalisation ballooned to $366 million.

On the last day of October, Aeris released its first-quarter results, which were met with an 18% share price slide.

But it appears this was a knee-jerk overreaction. As the market digested the results, the Aeris share price stormed higher, which set the tone for the rest of the month.

The biggest announcement from Aeris in November came in the form of a mineral resource update.

The ASX miner revealed an updated mineral resource estimate (MRE) for the Turbo lens at the Bentley deposit, located at Aeris' 100%-owned Jaguar Operations in Western Australia. 

The updated mineral resource materially increased the ore tonnes and metal content at the Turbo lens. The MRE now stands at 1.26 million tonnes at 1.82% copper, 8.5% zinc, 0.72 grams per tonne (g/t) gold, and 47g/t silver.

What's more, the drilling campaign resulted in the majority of the resource classification being upgraded to indicated status.

Renascor Resources Ltd (ASX: RNU)

The next cab off the rank is another ASX miner, with Renascor Resources taking out the title of the second best-performing ASX All Ords share in November.

The Renascor share price had a spring in its step, flying 59% across the month to finish at 35 cents. The company's market cap currently stands at around $750 million. 

Renascor is an exploration and development company with a portfolio of projects in South Australia. Its flagship project is the Siviour battery anode material project, the world's second-largest proven graphite reserve.

The Renascor share price steadily climbed throughout the month. Similarly to Aeris, Renascor released its quarterly results on the last day of October.

Following this, the company kicked off November by presenting at the International Mining and Resources Conference in Sydney. 

It was then radio silence for the rest of the month until Rensacor revealed it had received a key approval for its Saviour Project.

Specifically, the South Australian Department of Energy and Mining has granted Renascor approval for the Program for Environment Protection and Rehabilitation (PEPR) for its proposed Siviour mine and concentrator.

The PEPR approval permits Renascor to process up to 1.65 million tonnes per annum. This would allow the ASX All Ords share to produce up to 150,000 tonnes of graphite concentrates per year.

With this approval under its belt, Renascor can now develop the upstream graphite mine and concentrator portion of the Siviour project.

Ainsworth Game Technology Limited (ASX: AGI)

Last but not least, Ainsworth Game Technology rounds out the podium finishes with a whopping share price gain of 58% in November.

Ainsworth designs and manufactures a range of slot machines and a catalogue of standalone and linked games. The ASX gaming share currently boasts a market cap of $420 million.

It was a rather quiet affair at Ainsworth for most of the month, with its share price marching upward despite no news coming from the company.

But the Ainsworth share price received an added boost when the ASX All Ords share held its 2022 annual general meeting (AGM) at the end of November.

Notably, the company instated guidance at its AGM. Based on its current forecasts, Ainsworth expects to achieve around $18 million in normalised profit before tax in the first half of FY23.

The company is building on strong momentum, which saw it deliver normalised profit before tax of $17.3 million in 2H22, up considerably from $10.0 million in 1H22.

Looking ahead, Ainsworth expects to have continued growth in North America, further improvements in Latin America, and steady performance in Australia.

Motley Fool contributor Cathryn Goh 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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