S&P/ASX All Ords Index (ASX: XAO) shares rose by 7.11% and delivered total returns, including dividends, of 10.56% in 2025.
The ASX All Ords slightly outperformed the benchmark S&P/ASX 200 Index (ASX: XJO).
The ASX 200 increased by 6.8% and provided total returns of 10.32%, according to S&P Global data.
These were the five best-performing ASX All Ords shares in terms of capital growth in 2025.
Image source: Getty Images
5 best ASX All Ords shares for price growth
1. DroneShield Ltd (ASX: DRO)
ASX 200 defence share Droneshield leapt 300% to close at $3.08 on 31 December.
Droneshield is benefiting from the rising global defence spending investment theme.
However, investor sentiment soured in November when CEO Oleg Vornik sold more than $49 million worth of shares.
In response, DroneShield announced a mandatory minimum shareholding policy for all directors and senior managers.
Analysts at investment platform Stake commented:
DroneShield spent 2025 swinging between euphoria and fear.
After rallying to fresh highs mid-year on the back of booming global demand for counter-drone technology, the stock unwound much of those gains as short interest climbed and investors questioned valuation froth.
2. Pantoro Gold Ltd (ASX: PNR)
The Pantoro share price rose 220% to close at $4.89 on 31 December.
That closing price actually represents a retreat from the miner's 52-week high of $6.61 recorded in October.
Like all ASX gold shares, Pantoro benefited from the astounding 65% gold price rally last year.
It was the yellow metal's strongest year of gains in more than four decades.
The gold price hit a record high of US$4,533 per ounce in December.
A combination of tailwinds, including interest rate cuts, geopolitical tensions, and strong central bank buying, is behind the surge.
3. Predictive Discovery Ltd (ASX: PDI)
This fellow ASX All Ords gold mining share also soared in 2025.
The Predictive Discovery share price also ripped 220% to close the year at 74 cents per share.
Predictive Discovery is developing gold deposits within the Siguiri Basin in Guinea.
Its key asset is the Tier-1 Bankan Gold Project, which has a mineral resource estimate of 5.53Moz.
The Definitive Feasibility Study (DFS) was completed in June.
The Guinea Government has approved the environmental Impact assessment, and the exploitation permit application is in the final stages.
4. Resolute Mining Ltd (ASX: RSG)
Resolute Mining is another ASX All Ords gold share.
The Resolute Mining share price soared 206% to finish the year at $1.23.
Resolute is an African-focused gold miner and is currently in a growth phase.
It's developing its Doropo project in Cote d'Ivoire to supplement existing production from Syama in Mali and Mako in Senegal.
5. Core Lithium Ltd (ASX: CXO)
This ASX All Ords lithium share leapt 206% higher to close out 2025 at 28 cents per share.
Core Lithium shares have benefited from rising lithium prices due to improving demand for batteries, EVs, and new infrastructure.
Analysts at Trading Economics say the lithium carbonate price is now at a 19-month high.
Core Lithium's flagship Finniss Project remains in care and maintenance.
However, the miner released a restart plan last year and will be ready to roll once it finds new financial partners and lithium prices are sufficiently stronger.
Core Lithium also raised its ore reserve estimate for the Grants deposit by 33% to 1.53Mt at 1.42% Li2O last year.
Finniss was put into care and maintenance in early 2024 due to weak lithium prices.
