S&P/ASX All Ords Index (ASX: XAO) shares rose by 7.11% and delivered total returns, including dividends, of 10.56% last year.
The ASX All Ords, which is comprised of 500 companies, 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%.
The main reason for the All Ords' outperformance was the impact of a greater number of small-cap shares than the ASX 200.
ASX small-cap shares have market capitalisations between a few hundred million dollars and $2 billion.
Small-caps ripped in 2025 for several reasons, including falling interest rates, which reduced the cost base of young companies with debt.
The rising value of gold explorers was also a factor, according to Blackwattle portfolio managers, Robert Hawkesford and Daniel Broeren.
Demonstrating this, every single one of the five best-performing ASX All Ords shares for capital growth last year were small-caps.
And three junior gold miners were among them.
The question is, are they still good buys for the new year after such strong price growth in 2025?
Are these ASX All Ords stars still good buys?
The experts weigh in.
DroneShield Ltd (ASX: DRO)
Defence company Droneshield achieved the highest share price growth of its ASX All Ords peers in 2025.
The Droneshield share price leapt 300% to close at $3.08 on 31 December.
Droneshield is benefitting from a massive increase in global defence spending amid greater geopolitical turmoil.
Bell Potter has a buy rating on this ASX All Ords share with a 12-month price target of $4.50.
In a note, the broker said:
We expect 2026 will be an inflection point for the global counter-drone industry with countries poised to unleash a wave of spending on RF detect and defeat solutions.
Consequently, we believe DRO should see material contracts flowing from its $2.5b potential sales pipeline over the next 3-6 months as defence budgets roll over to FY26e.
Resolute Mining Ltd (ASX: RSG)
ASX All Ords gold share Resolute Mining skyrocketed 206% to finish the year at $1.23.
Resolute Mining is an African-focused gold miner currently developing a third gold project, Doropo, in Cote d'Ivoire.
The new mine will supplement existing production from the Syama mine in Mali and the Mako mine in Senegal.
Canaccord Genuity has a buy rating on Resolute Mining shares with a price target of $2.30.
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 benefitted from rising lithium prices over the past six months.
Investors are now anticipating the re-opening of Core's flagship Finniss Project, which was put into care and maintenance in early 2024 due to weak commodity prices.
Core Lithium released a restart plan last year and reckons it can get Finniss up and running within a month.
But the company needs to find new financial partners first.
Last week, Goldman Sachs retained its hold rating on this ASX All Ords lithium share.
While the broker raised its share price target from 14 cents to 18 cents, this is well below where Core Lithium is trading today.
