Morningstar trims valuation for Aussie gold miners as bullion loses shine

Evolution Mining

07/07/2026 21:25

** 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 EVN.AX by 4% to A$4.5
** Investment research firm also reduces fair value estimate for Northern Star Resources NST.AX and Perseus Mining PRU.AX 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 .AXGD down 16.2% so far this year, as of last close

(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))