• Morningstar notes gold prices continue to fall, with gold miners' shares remaining expensive in trading at 30% to 180% above fair value

• Also flags that despite recent declines, gold prices are still up about 150% since late 2022 on worries over tariffs, geopolitical issues, Western government fiscal deficits and debt levels and a weaker U.S. dollar

• Morningstar cuts fair value estimate for Evolution Mining

by 4% to A$4.5

• Investment research firm also reduces fair value estimate for Northern Star Resources and Perseus Mining by 5% to A$14.2 and 6% to A$3, respectively

• Morningstar notes elevated gold prices are driving strong M&A activity while also incentivising organic growth; Northern Star being pressured by activist investor Elliott to sell all or part of the company

• ASX Gold Index down 16.2% so far this year, as of last close
(Reporting by Nikita Maria Jino in Bengaluru)