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Pilot Gold Inc.

TICKER: PLG:TSX

Pilot Gold Inc. is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades and meaningful size in mining-friendly addresses. Its three key assets include interests in the TV Tower and Halilaga projects in Turkey, and the Kinsley Mountain project in Nevada, each of which has the ability to become a foundational asset. Pilot Gold also has a pipeline of projects with large land positions and district-wide potential that can meet its growth needs for years to come.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Bob Moriarty, 321 Gold (4/17/14) "Pilot Gold Inc. and its technical team led by the 'rock whisperer' Moira Smith thought they had another Long Canyon on their hands. . .I really like the company's Kinsley project and based on my conversations with Dr. Smith, I think she has it exactly right. I hope she and the rest of Pilot's team discover another Long Canyon."

Jeff Killeen, CIBC World Markets (4/7/14) "We are reinstating coverage of Pilot Gold Inc. upon closing of a $20M bought deal financing. . .although still at early stages, drilling at Kinsley has shown Secret Canyon mineralization is, at least, a contiguous zone, not just an exploration target on paper. With this note we are increasing our price target for the company from CA$1.50 to CA$1.75 based on applying an increased option value for the Kinsley project."

Shane Nagle, National Bank Financial (4/4/14) "Pilot Gold Inc. has issued 13.1M shares at a price of $1.53/share for gross proceeds of $20M ($19M net of fees). Proceeds from the offering will be used for ongoing exploration and development programs as well as general working capital purposes; we estimate the company's current cash balance at ~$38M."

Tara Hassan, Haywood Securities (4/2/14) "We are resuming coverage of Pilot Gold Inc., following the close of the company's $20M (gross) financing announced on March 12, 2014. . .our target price increases to $2 (from $1.70), as the financing is offset by incorporation of encouraging drill results from Kinsley, including most recently on March 22, 2014. We reiterate our Buy rating."

The Gold Report Interview with Oliver Gross (4/2/14) "Pilot Gold Inc. is a gold junior that I follow closely. It is led by the masterminds of Fronteer Gold, which was acquired by Newmont Mining Corp. in a $2.3 billion deal. The former president and CEO of Fronteer is Mark O'Dea, one of the most skilled managers in global junior mining. He is now the chairman of Pilot. The company is backed by first-class strategic investors and mining companies and has great financials. I really like the business philosophy and the strong ambitions of the stunning head management here. Pilot Gold has a very impressive gold discovery at its Kinsley Mountain project in Nevada in 2014. This could be a world-class gold deposit comparable to Fronteer's Long Canyon deposit. In Turkey, the company is developing the huge TV Tower project, which is in a joint venture with resource giant Teck Resources Ltd. TV Tower seems to contain several decent gold, silver and copper deposits and has great development and exploration potential." More >

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The Gold Report Interview with Jeff Killeen (3/26/14) "Earlier this year Pilot Gold Inc. released two drill holes from its Mount Kinsley project in Nevada; they have very good grades and breadth. The headline hole that it reported was 6.9 g/t over almost 42m. This mineralization was within a new shale unit where very little or no drilling had been done by previous operators, and only one hole by Pilot had been drilled in late 2013. That could open up a new horizon at the Kinsley project for exploration that hadn't been identified before." More >

Tickerscores (3/22/14) "Pilot Gold Inc. is a development company with a portfolio of excellent projects in Turkey and Nevada. Management is one of the most important things to look at when investing in mining stocks, and Pilot Gold gets a big checkmark here by being led by CEO Mark O'Dea. Members of the management team have one of the best track records in the junior mining space and have sold a project to Newmont Mining Corp. for $2.3B. . .excellent management and solid projects make Pilot Gold a stock to keep on your watch list."

Brent Cook, Exploration Insights (3/20/14) "Pilot Gold Inc. released a fairly impressive drill hole from its Kinsley Mountain project in Nevada—and almost immediately thereafter announced a bought-deal financing to raise at least $20M at $1.53 per share. . .drill hole PK131C, located at the Western Flank target, intersected 42.7m grading 10.5 g/t gold, including a 23m interval grading 18.3 g/t gold. . .results to date are encouraging and so far support our thesis that Kinsley Mountain, and in particular the West Flank area, could host an economic Carlin-style gold system."

The Mining Report Interview with Jeb Handwerger (3/18/14) "Pilot Gold Inc. has one of the top geologists who helped advanced Long Canyon. We've liked Kinsley Mountain for years. Shares in Pilot have soared since December from under $1 to $1.55 as it hit a heavy volume when the company released results from drilling at Kinsley Mountain, where it hit 6.85 grams over 40 meters. This is very encouraging." More >

Jordan Roy-Byrne, The Daily Gold (3/16/14) "Pilot Gold Inc. announced a raise of $20M, which will take its shares to 103M but will take its cash to likely over $35M. . .results from Kinsley continue to exceed expectations."

Tara Hassan, Haywood Securities (3/12/14) "Drilling at Pilot Gold Inc.'s Kinsley Mountain continues to suggest there is the potential to delineate a high-grade resource at the project. . .if the company can build scale either along the northwest–southeast Kinsley trend corridor or the north-northeast–south-southwest Western Flank corridor, the project could be a game-changer for the company."

Michael Allan McCrae, Mining.com (3/12/14) "Pilot Gold Inc. rallied 13.42% to $1.69 after announcing 6.85 g/t gold over 41.7m at its Kinsley Mountain project. . .the exploration company is focused on projects in the U.S. and Turkey. . .year to date, Pilot is up 96.51%."

Shane Nagle, National Bank Financial (3/12/14) "Pilot Gold Inc. released additional results from stepout drilling completed on the western flank at its 78%-owned Kinsley Mountain project in Nevada. Today's results included headline intercepts of 10.5 g/t gold over 42.7m in hole PK131C and 7.53 g/t gold over 53.3m in hole PK132C, extending the recently discovered high-grade zone by 25m north and 100m to the northwest."

Brent Cook, Exploration Insights (3/9/14) "We added Pilot Gold Inc. to the Exploration Insights portfolio Feb. 27, noting in a very brief alert that drilling at the Kinsley Mountain project in Nevada had returned 6.85 g/t over 42m. . .at TV Tower, the company needs to expand the zone of oxide gold mineralization at K2. The rest of the property offers excellent potential for the discovery of supergene copper and porphyry copper/gold deposits."

Frik Els, Mining.com (2/27/14) "Shares in Pilot Gold Inc. soared more than 20% on Thursday in heavy volumes after the company released results from drilling at its Kinsley Mountain project. . .Pilot reported at its Western Flank target 6.85 g/t Au over 41.7m in PK127C, including 16.3 g/t over 8.5m (oxide) and 20.5 g/t over 3.6m (oxide)."

Jeff Killeen, CIBC World Markets (2/27/14) "Pilot Gold Inc. has released drill results for two holes at its Secret Canyon shale unit at the Kinsley Mountain project in Nevada. The assay values are encouraging and we believe they indicate the Western Flank footprint has potential to grow, as the reported holes come from a deeper shale horizon that has seen limited drilling in the past. . .we believe the Secret Canyon shale presents a new horizon for exploration at Kinsley and increases the upside potential for resources at the project."

Shane Nagle, National Bank Financial (2/27/14) "This morning, Pilot Gold Corp. released assay results from additional drilling completed on the Western Flank target at its Kinsley Mountain project in Arizona (78% Pilot Gold). Today's reported holes have extended the recently discovered high-grade zone by 30 m to the east and west of hole PK91CA (previously announced in November 2013, which intersected 8.53 g/t gold over 36.6m), and confirmed that mineralization remains open in all directions. . .the company remains well positioned relative to its peers given its strong financial position, strength of its management team and exploration potential at each of its primary projects; we reiterate our Outperform rating."

Tara Hassan, Haywood Securities (2/27/14) "Drill results at Pilot Gold Inc.'s Kinsley continue to show that the recent high-grade discovery at the Western Flank target remains open in all directions. . .the confirmation that the high-grade zone has continuity and is nearly flat, lying in an east-west orientation, is positive. . .the company is fully funded through 2014. . .we believe Pilot is well positioned to drive value through the drill bit."

Jordan Roy-Byrne, The Daily Gold (2/19/14) "Pilot Gold Inc. shares are in an uptrend, acting well; as long as that continues, we will continue to hold the stock in the model portfolio. The company is well funded, has a good portfolio of projects and can boast a very strong team and strong sponsorship from major companies in Newmont Mining Corp. and Teck Resources Ltd."

Thibaut Lepouttre, Caesars Report (1/31/14) "Pilot Gold Inc. announced it found a supergene copper blanket after drill testing a 4km trend at the K2 target. This copper blanket lies underneath the gold oxide zone and has the potential to add a lot of value to the TV Tower project. . .the supergene copper zone is up to 300 m wide and 60m thick, which means there's definitely potential for a mineralized zone containing 100 Mmt copper ore."

Tara Hassan, Haywood Securities (1/23/14) "The initial resource estimate for TV Tower is a good first step for Pilot Gold Inc. and is generally in line with our contained-ounces expectations. . .the project's economics could be improved through expansion of the KCD zone or the addition of resources from other deposits like the K2 trend, where the company is likely to delineate an oxide gold resource larger than KCD based on what has been drilled to date. . .the estimate detailed a total resource of 13.32 Mt at an average grade of 1.17 g/t gold containing 502 Koz gold."

Jeff Killeen, CIBC World Markets (1/23/14) "On Jan. 21, Pilot Gold Inc. announced that drilling at the K2 trend (TV Tower project) had revealed the presence of supergene copper mineralization underlying the oxide gold zones. Exploration work at K2 suggests that two or more copper-gold porphyry systems may be present within the trend."

Shane Nagle, National Bank Financial (1/21/14) "Pilot Gold Inc. reported assay results from Kayali and Karaayi deposits at the TV Tower property in Turkey. Drilling revealed the presence of an extensive blanket of supergene copper mineralization underlying the oxide gold zones drilled to date. . .we continue to see the potential for the company to build a meaningful oxide gold resource at the K2 trend, where a resource at a similar scale to Alamos Gold Inc.'s Kirazli project could fetch more than US$50M in a potential acquisition. Pilot remains well funded with ~US$24M in the bank and all earn-in agreements to 60% in place for TV Tower."

Tara Hassan, Haywood Securities (1/21/14) "Pilot Gold Inc.'s latest TV Tower drill results show that K2 could contain much more than just a gold oxide system, with drilling highlighting four supergene copper mineralizations below the gold oxide and two copper-gold porphyry systems. . .the new developments drive home our view that the TV Tower property contains extensive mineralization and has the potential to host significant resources."

Joe Mazumdar, Canaccord Genuity (1/14/14) "Two key gold discoveries exist on Pilot Gold Inc.'s TV Tower project, KCD and Kayali/Karaayi (K2), each having returned significant mineralized intersections at depths potentially amenable to open-pit mining. Highlights from recent drilling (Jan. 2, 2014) at the K2 target included 0.80 g/t Au over 119.8m (KRD-03, Karaayi) and 1.96 g/t Au over 33.1m (KYD-51, Kayali)."

Jeff Killeen, CIBC World Markets (1/10/14) "Pilot Gold Inc.'s drilling and exploration work has mapped the K2 oxidized gold system across a broad 4km trend. The K2 trend will be a focus for the company at TV Tower in 2014, and we believe today's results continue to demonstrate the resource expansion potential of the project over the coming 12–18 months."

Tyron Breytenbach, Cormark Securities (1/10/14) "Pilot Gold Inc.'s proven management team is aggressively exploring its prospective projects in Turkey (TV Tower) and Nevada (Kinsley). We expect the large cash balance $24M and the existing discovery (Halilaga) to place a floor on the stock. The balance sheet and fair value for the large Halilaga deposit suggest the company is leveraged to future exploration success. . .Pilot stands out as one of the more cashed-up explorers in the current market, with three strong projects under exploration."

Tara Hassan, Haywood Securities (1/9/14) "The latest results at Pilot Gold Inc.'s TV Tower continue to demonstrate that it stands to be a multi-deposit project with the potential for significant scale. . .the company is cashed up to complete another sizable exploration program in 2014 and, we believe, it remains one of the most attractive exploration companies given its strong asset base, proven management team and potential for catalyst events."

Shane Nagle, National Bank Financial (1/9/14) "This morning, Pilot Gold Inc. reported assay results from additional drilling at both Kayali and Karaayi. . .highlights included: 0.8 g/t gold over 119.8m in KRD-03 at Karaayi. . .[and] 1.96 g/t Au over 33.1m in KYD-51 at Kayali. . .we continue to see the potential for the company to build a meaningful resource at K2."

The Gold Report Interview with Paolo Lostritto (1/8/14) "We cover several exploration/development companies that offer tremendous value, [such as] Pilot Gold Inc. These are phenomenal assets that deserve more attention than they're getting. They will have their day; slow and steady wins the race." More >

Jordan Roy-Byrne, The Daily Gold (1/5/14) "Pilot Gold Inc. is a company with great fundamentals. . .it has strong management, is well funded and has partners like Teck Resources Ltd. and Newmont Mining Corp. The chart is telling us that the stock could finally be in position for a good move. . .look to accumulate Pilot on any weakness in the coming days."

The Gold Report Interview with Ralph Aldis (12/18/13) "Pilot Gold Inc. had good results in Turkey and at Kinsley Mountain in Nevada, where one hole returned 8.53 g/t over 36m. With Pilot's overall portfolio, the company has a lot of flexibility to actually add some value. . .I am pretty pleased with Pilot." More >

The Mining Report Interview with Jeb Handwerger (12/10/13) "Pilot Gold Inc. has one of the top geologists who helped advance Long Canyon for Fronteer, Moira Smith. Pilot recently hit nice results from Kinsley Mountain. After selling Fronteer after the Newmont takeout, I just got back in and took an initial position after the good results. It's very impressive. Once this market turns, people are going to become aware that this may have the potential to be the next Long Canyon." More >

Bob Moriarty, 321 Gold (11/30/13) "Pilot Gold Inc. has continued to report excellent results this year, even as the share price has dropped, but it's not the company—in this market, all the weak hands throw in the towel. . .as of the end of September, Pilot had some $24M in cash and liquid assets, as well as one of the best management teams in the business."

Thibaut Lepouttre, Caesars Report (11/28/13) "Pilot Gold Inc. has announced excellent drill results from the Kinsley Mountain gold project. . .more than 1,300 holes have been drilled on the project, but hole PK091CA has returned the best intercept ever, as it intersected 8.5 g/t gold over more than 36m including 7.6m of almost 1 ounce of gold per ton of rock, which is phenomenal. . .it's becoming clear this project might very well be a district play."

Bob Moriarty, 321 Gold (11/20/13) "Pilot Gold Inc.'s Moira Smith and her team wanted to apply the Long Canyon model to Kinsley Mountain. . .proof of concept came in the form of a 36.6m intercept of 8.53 g/t gold. . .it was the single best intercept of over 1,300 drill holes drilled at Kinsley. I'd say the company and Moira Smith and her team just hit a giant home run."

Tyron Breytenbach, Cormark Securities (11/19/13) "Pilot Gold Inc.'s proven management team is aggressively exploring its prospective projects in Turkey (TV Tower) and Nevada (Kinsley). We expect the large cash balance ($24M) and the existing discovery (Halilaga) to place a floor on the stock. . .Pilot returned significant gold values from a previously untested limestone unit below the Candland Shale. . .Pilot stands out as one of the more cashed-up explorers in the current market with three exciting projects under exploration."

Morning Coffee (11/19/13) "Shares of Pilot Gold Inc. jumped after the company announced that the 2013 program returned the highest-grade intercept to date at the Kinsley Mountain project, 8.53 g/t Au over 36.6m, including 29.43 g/t Au over 7.6m in HQ core drill hole PK091CA. The most recent results from the Western Flank target, located 550m northwest of the past-producing pits at Kinsley, also expand the area of high-grade gold mineralization and demonstrate the potential for Kinsley to host significant high-grade gold mineralization."

Shane Nagle, National Bank Financial (11/18/13) "Pilot Gold Inc. released assay results from its Kinsley Mountain project in Nevada, including a headline intercept of 36.6m grading 8.53 g/t, representing the best hole in more than 1,300m drilled to date at the project. Drilling focused on the Western Flank target and has identified significant oxide/sulphide mineralization along a corridor spanning 500m north-south. . .our Outperform rating reflects the strength of PLG's exploration team, strong financial position and near-term exploration potential."

Tara Hassan, Haywood Securities (11/18/13) "Pilot Gold Inc. released drill results from its 2013, 20,000m drill program at Kinsley Mountain. . .the headline result of 8.53 g/t Au over 29m is the best result intercepted at Kinsley Mountain in more than 1,300 holds drilled to date. . .results from the Western Flank target, located 550m northwest of past-producing pits, expand the area of high-grade gold mineralization and demonstrate the potential for Kinsley to host significant high-grade gold mineralization."

Jeff Killeen, CIBC World Markets (11/18/13) "Pilot Gold Inc. reported today that its 2013 drill program at its Kinsley Mountain project returned the highest-grade intercept in more than 1,300 holes drilled to date, with hole PK091CA returning 8.53 g/t gold over 36.6m. . .overall, we believe today's results are positive as they support the company's expectations regarding the projects geology and potential upside."

Tyron Breytenbach, Cormark Securities (11/4/13) "The eagerly awaited results from Pilot Gold Inc.'s K2 prospect has confirmed a potentially bulk mineable target at the 4 km long gold anomaly. Importantly, the target is shallow, oxidized and of similar grade to the high-margin assets under development by Alamos Gold Inc. in Turkey."

Jeff Killeen, CIBC World Markets (11/4/13) "Pilot Gold Inc. has released initial drill results from the TV Tower joint venture project. . .highlight results include 0.4 g/t gold over 148m including 0.6 g/t over 81m in KYD-39 and 0.56 g/t over 52.5m in hole KYD-44, approximately 100m to the west. . .we believe results from Kayali add to the TV Tower growth potential over the longer term."

Thom Calandra, The Calandra Report (11/1/13) "Pilot Gold Inc. came in with assays from a second target at TV Tower in Turkey. . .the company is a good value at CA$0.90 in the stock market with $25M in treasury). . .Agi Dagi's deposit grades (Measured+ Indicated + Inferred) are 0.52 g/t Au and 3.44 g/t Ag; Kirazli (Measured+ Indicated + Inferred) is 0.69 g/t Au and 8.34 g/t Ag."

Shane Nagle, National Bank Financial (11/1/13) "Pilot Gold Inc. reported assay results from its Kayali target at its TV Tower project. . .today's results returned a weighted average intercept of 24.8m grading 0.52 g/t Au in 13 holes. . .the company remains well positioned relative to peers, with ~$30M in cash, sufficient to execute on key near-term exploration programs at TV Tower and Kinsley Mountain."

Bob Moriarty, Interview with Small Cap Power (10/30/13) "There are some exceptional companies that are selling for pennies when they should be selling for dollars. . .Pilot Gold Inc. is exceptional."

Tyron Breytenbach, Cormark Securities (10/29/13) "Drilling is underway at Pilot Gold Inc.'s Kinsley Mountain with 20,000m to be completed by mid-November. A significant new gold intersection from this program could benefit the stock significantly as we believe that the market currently places little value on the assets in Nevada. . .we continue to highlight that the company remains one of the more cashed-up explorers in the current market."

Tara Hassan, Haywood Securities (10/28/13) "We continue to view Pilot Gold Inc.'s Kinsley project to have the potential to delineate a sizeable resource. We believe that Kinsley is currently not being reflected in the company' s valuation and as such, exploration success in the near term could translate into valuation gains. . .drilling is going very well so far, with three drills running and good advances to be achieved. . .Kinsley has much of the same team that unlocked and advanced Long Canyon. Our Buy rating remains unchanged."

Shane Nagle, National Bank Financial (10/28/13) "Pilot Gold Inc. is drilling at Kinsley Mountain with three rigs currently and hopes to unlock greater exploration potential throughout the next few drill campaigns. . .the company's cash balance of ~$32M is sufficient to cover its exploration plans through 2014. . .our Outperform rating reflects the strength of Pilot's exploration team, strong financial position and near-term exploration potential."

Tyron Breytenbach, Cormark Securities (10/23/13) "Since acquiring Karaayi in September, Pilot Gold Inc. has accelerated surface exploration to define a 4km-long zone of oxide gold mineralization. . .the company remains one of the more cashed-up explorers in the current market. . .historical drilling at Karaayi returned long intervals of attractively grading oxide gold mineralization."

Jeff Killeen, CIBC World Markets (10/22/13) "Pilot Gold Inc. has reported that through mapping, soil and rock sampling the Kayali and Karaayi targets at the southern end of the TV Tower joint venture project now show contiguity. Kayali and Karaayi are now linked by an approximately 4 km trend of alteration and oxidized gold mineralization referred to as the K2 trend. . .we expect the K2 trend will contribute to resource growth in the coming years at TV Tower."

Tara Hassan, Haywood Securities (10/22/13) "The discovery of a sizable, near-surface oxide gold system at Pilot Gold Inc.'s TV Tower further supports our view that the project has the potential to host a sizable resource across numerous deposits and types of mineralization. . .the company remains on track to deliver an initial NI 43-101 resource in Q4/13, which we expect could be a significant catalyst. . .the K2 trend contains some of the strongest and most extensive gold-in-soil anomalies in the Biga region, and further supports the district potential of TV Tower. . .we believe the company is well positioned to drive value through the drill bit."

Anthony Wagg, Edison Investment Research (10/7/13) "Pilot Gold Inc. has a proven management team with a portfolio of promising projects. . .drilling at TV Tower project in Turkey has produced two discoveries: KCD and Kayali. KCD showed 136m of 4.28 g/t gold, 15.8 g/t silver and 0.68% copper and Kayali 114.5m of 0.87 g/t gold. . .the 40%-owned Halilaga copper-gold porphyry project has an initial resource estimate of 2.1 Blb copper at 0.27% and 3.3 Moz gold at 0.29 g/t Indicated and Inferred. . .the company has sufficient funds to satisfy any immediate needs."

Joe Mazumdar, Canaccord Genuity (10/7/13) "In the Biga District of Turkey, Pilot Gold Inc. has been drilling at the KCD project on the northeastern part of its now 90-sq-km land package, and anticipates more drill results over the next six weeks followed by a December 2013 resource update. KCD is a multiple mineralized system hosted in volcanics and volcano-sediments that appears to be closed off at depth by a low angle, normal fault. . .of interest is the southern part of the district (Karaayi). . .the area centered on potential oxidized, high-sulphidation gold mineralization that present targets amenable to low-strip, open-pit mining and heap-leach processing."

Tara Hassan, Haywood Securities (10/4/13) "Pilot Gold Inc. reported results from its 30,000m 2013 drill program at its TV Tower project in Turkey. . .today's results from TV Tower continue to deliver excellent intersections from the silver and recently discovered oxide gold zones, extending the zones. The new zone of oxide mineralization overlies the silver zone and could have important implications for a future production scenario at KCD as it could provide an early, low-cost cash flow opportunity. . .considering the potential for Pilot's projects and its strong cash position, which will fund exploration through 2014, we continue to expect the company to outperform its peer group."

Tara Hassan, Haywood Securities (10/4/13) "Results from Pilot Gold Inc.'s TV Tower project continue to deliver excellent intersections from the silver and recently discovered oxide gold zones, extending both. The new zone of oxide mineralization overlies the silver zone and could have important implications for a future production scenario at KCD, as it could provide an early, low-cost cash flow opportunity. . .considering the potential for Pilot's projects and its strong cash position that will fund exploration through 2014, we continue to expect the company to outperform its peer group."

Jeff Killeen, CIBC World Markets (10/4/13) "Pilot Gold Inc. has reported drilling results from the KCD target of its TV Tower project located in Turkey. Drilling was successful in expanding the silver zone to approximately 600m by 650m, and extended the recently discovered oxide gold zone down dip over 200m to the northeast, with both zones remaining open to the north. . .Pilot's 2013 drilling program at the KCD Target has shown continuing expansion of mineralization, while defining both a new silver and gold oxide zone. . .we believe that further upside exists at the property and we expect it will be defined during 2014."

The Gold Report Interview with Bob Moriarty (10/2/13) "I went to see a project I first visited 12 years ago called Kinsley Mountain, owned by Pilot Gold Inc. It was first put into production in 1994 and went out of production in 1999. Kinsley Mountain is one of those projects that may be a Long Canyon–type project—which would be 2, 5, even 10 Moz—or not. Even if it's not a Long Canyon, it would still be 500 Koz, and could still sell. It won't cost Pilot Gold anything to drill, because it can recover the money. Pilot's management team is the best in the industry, with most members coming from Fronteer Gold. When Newmont Mining Corp. bought Fronteer out for $2.3B, it was an absolute homerun for shareholders. Pilot is doing the same thing. You're buying at a 60% discount to what it was nine months ago.

"A year ago, I visited Pilot Gold's projects in Turkey. One is a copper-gold porphyry; the other is a gold-silver epithermal system. Both were very attractive and had great technical success and great drill results. It's important for your readers to understand that the decline in shares since January has not been rational. Nor has it been manipulation or shorting. It's been hedge funds and gold mutual funds being forced to sell shares. Often, they sold the best projects just because they could. They needed cash and sold everything they could to raise it. . .the company's joint venture with Teck Resources on the big porphyry project in Turkey is in a holding pattern. It's not attractive at $3/pound copper, but it's very attractive at $4/lb copper. The company is drilling the heck out of the TV Tower project and Kinsley Mountain. It has plenty of cash and an incredible ability to raise money." More >

Bob Moriarty, 321 Gold (9/23/13) "When you are looking to invest, find a junior where they recognize success. Pilot Gold Inc. is such a company. . .my opinion, humble as it is, is that [chief geologist] Dr. Moira Smith is going to hit another home run. . .Pilot has two company-making projects and one potential company-making project. . .investors will wake up, they will see great value in stocks like Pilot and they are going to make gains they never dreamed of before."

Tyron Breytenbach, Cormark Securities (9/11/13) "Pilot Gold Inc. continues to expand the KCD target, its current flagship project on the TV Tower land position; recent results include a stepout hole grading 90.2 g/t Ag over 91.5m, well above the weighted average assay grade and the forecast 30 g/t resource grade of the Ag 'blanket' zone. We are moving our resource forecast up to 40 Moz Ag. . .we leave our $1.70 price target and Buy rating unchanged."

Morning Coffee (9/11/13) "Pilot Gold Inc. is advancing on multiple fronts; the company reported that drilling on the near-surface zone of silver-only mineralization at the KCD target at TV Tower continues to return strong silver results, including 90.2 g/t silver over 91.5m in stepout drilling. . .Pilot is advancing KCD towards resource definition while continuing to develop the district-scale potential across TV Tower, which is a joint venture with Teck Resources Ltd. Pilot is the operator at and can increase its interest in the project to 60% (from 40% currently) through sole funding of exploration over a three-year period."

Tara Hassan, Haywood Securities (9/10/13) "The latest results from Pilot Gold Inc.' TV Tower continue to deliver excellent intersections from the silver zone, extending the zone and confirming previous results with infill drilling. Additionally, the company discovered a new zone of oxide gold mineralization overlying the silver zone. . .considering the potential for Pilot's projects and its strong cash position ($30M in cash), which will fund exploration through 2014, we continue to expect the company to outperform its peer group."

Shane Nagle, National Bank Financial (9/10/13) "Pilot Gold Corp. reported assay results from the KCD target at TV Tower, extending the area of mineralization to the north. . .results from the silver zone averaged 33.2 g/t Ag over 19.2m and included a headline intersection of 90.2 g/t over 91.5m in hole KCD151R. . .we now estimate Pilot's cash balance at ~US$30M, sufficient to execute on key near-term catalysts, including: 1) exploration results from TV Tower and Kinsley Mountain, 2) initial KCD resource by year-end, and 3) the potential sale of Halilaga (40% Pilot)."

Jeff Killeen, CIBC World Markets (9/10/13) "Pilot Gold Inc. has released an update for the ongoing drill program at the company's TV Tower joint venture. . .drill results indicate the silver zone at the KCD target extends an additional 100m and remains open to the north. . .a new zone of oxidized gold mineralization was announced in today's release and overlies the silver zone at the KCD target."

Tara Hassan, Haywood Securities (9/5/13) "Pilot Gold Inc.'s prospective position grows in Turkey with the acquisition of Karaayi project. . .the company has reached an agreement under which Orta Truva, the joint venture company (Pilot 40%; TMST, Turkish subsidiary of Teck Resources, 60%) that holds the TV Tower and Halilaga projects, will acquire 100% of the Karaayi project. . .the Karaayi claims contain some of the strongest and most extensive gold-in-soil anomalies in the TV Tower district. . .Pilot remains well capitalized as it advances its core projects."

Jeff Killeen, CIBC World Markets (9/4/13) "Pilot Gold Inc. announced that it has received approval of the Plan of Operations permit for the Kinsley Mountain project in Nevada. The permit will allow increased site disturbance totaling 70 acres and gives Pilot the ability to mobilize drill rigs across the site with limited restrictions. . .Pilot has also announced that its interest in the Kinsley project has increased from ~65% to ~78% as of August 14, 2013; Kinsley is a joint venture project with Nevada Sunrise Gold Corp."

Tara Hassan, Haywood Securities (9/3/13) "Pilot Gold Inc. received the plan of operations for Kinsley Mountain, which allows it to significantly expand its drilling area at the project. The company also indicated that as per a previous press release from its joint venture partner, its interest in the project will increase to ~78% (from 65%). . .Pilot remains well capitalized as it advances its core projects."

Alisha Hiyate, Mining Markets (8/23/13) "In a business where past success counts, the team at Pilot Gold has earned lots of credibility. . .mineralization has been identified over a 2.2 km-long trend at Kinsley Mountain, which last year returned drill assay highlights of 13.7m grading 6.03 g/t gold from 143n depth. . .Pilot [and joint venture partner Teck Resources] are conducting economic, metallurgical, environmental and engineering work at Halilaa this year. Pilot has had no trouble raising money for exploration."

Tyron Breytenbach, Cormark Securities (8/23/13) "Pilot Gold Inc. is one of a select few exploration-stage companies that holds sufficient cash to continue to generate news in what we forecast to be a quiet exploration season, and the stock should therefore attract more than its fair share of attention. . .all of Pilot's projects are located in well-ranked mining jurisdictions and we consider both TV Tower and Kinsley to be geologically prospective for large-scale gold mineralization. The company is managed by a high-profile team that has already proven its exploration prowess in both Nevada and Turkey; we, therefore, initiate coverage with a Buy (Speculative) rating."

Tara Hassan, Haywood Securities (8/14/13) "Pilot Gold Inc. issued Q2/13 financial results that showed the company remains well capitalized, ending the quarter with more cash than we forecasted while still making significant advances at its core projects. . .considering the potential for Pilot's projects and its strong cash position (US~$29M in working capital at quarter end), which will fund exploration through 2014, we continue to expect the company to outperform its peer group. . .we highlight that our NAV could benefit from continued positive results at TV Tower and results from the 2013 program at Kinsley."

The Gold Report Interview with Louis James (8/14/13) "The Turkey play we like the most is Pilot Gold Inc.; the company's high-grade discovery at its TV Tower gold project has helped put Turkey back on the radar for many investors. There's no resource estimate yet, but there have already been several spectacular drill holes and many excellent ones. Most recently, it reported 45m of 15+ g/t, and it's wide open. The project is demonstrating strong, multimillion-ounce potential. The beauty is that the project is not just one hot spot, but a whole district with outstanding potential. I've been to this one. You drive from one end to the other and there are outcroppings and showings of hydrothermal activity all over the place.

"But there is more. With Pilot, investors also get a great project in the prime jurisdiction of Nevada: Kinsley Mountain. The company has already reported several high-grade intercepts, as well as others one might call merely 'encouraging.' They are looking for a big, low-cost discovery, as the same team delivered at the now-famous Long Canyon project they sold to Newmont Mining. That's a bit of a speculation, but the question of how likely success is will be answered after this year's drilling. The market is focused on the discovery in Turkey and isn't giving Pilot anything for Nevada. That gives investors the Nevada upside, whatever it is, for free." More >

Jordan Roy-Byrne, The Daily Gold (7/25/13) "Currently worth $100 M with $39 M in cash, we feel Pilot Gold Inc. is a tremendous value. . .there are so many things to like about the company and it ranks extremely high when measured against our criteria for exploration companies. . .Pilot boasts a highly credible management team that already built and sold a company to a major for over $2B and it currently owns a strong portfolio of projects that would interest a major."

Canaccord Morning Coffee (7/24/13) "Shares of Pilot Gold Inc. have been on a nice run in the last month or so as the company continues to deliver encouraging results. Pilot announced that recent drilling at the TV Tower project in Turkey has returned 15.3 g/t gold over 45.2m in hole KCD-142, including an interval of 386 g/t gold over 1.5m."

Bob Moriarty, 321 Gold (7/24/13) "One of my favorites is Pilot Gold Inc. . .it has one of the best technical and management teams in the business; it has three world class projects that it is busy advancing as everyone else in the business scratches their heads trying to figure out how to raise enough money for their paychecks next month. Pilot has a proven ability to convert great projects into cash; in short, it is the perfect wager on gold and silver."

The Gold Report Interview with Ralph Aldis (7/24/13) Ralph Aldis: Pilot Gold Inc.'s team has a successful track record of selling its prior asset, Fronteer Gold Inc., to Newmont Mining for around $2B. Pilot still has some assets in Nevada, and it has had some relatively high-grade hits in Turkey recently. Pilot's 40%-owned TV Tower project is in Turkey.

TGR: Does Pilot have sufficient cash to carry out development work on TV Tower and its other assets over the next two years?

RA: Yes, in the first quarter of 2013 financials showed about $24M in cash. More >

Tara Hassan, Haywood Securities (7/23/13) "Pilot Gold Inc.'s infill and stepout drilling at the gold zone at TV Tower's KCD target continues to intersect high-grade mineralization. . .considering the potential for the company's projects and its strong cash position (~$31M in cash), which will fund exploration through 2014, we continue to expect Pilot to outperform its peer group."

Jeff Killeen, CIBC World Markets (7/23/13) "Pilot Gold Inc. released drill results from the KCD target of the TV Tower project, located in Turkey. Highlights from drilling include: 15.3 g/t gold over 45.2m (KCD-142); 2.6 g/t gold over 56.5m (KCD-141) [and] 6.3 g/t gold over 9m (KCD-144). KCD-142 is located ~120m north of previously-released intercept KCD- 50, and suggests continuity of high-grade gold mineralization to the north of the property. For the drill results, we estimate an average grade of 4.67 g/t gold over 216m, but note these are based on uncut values. The focus of exploration activity is expected to shift to Kayali in the near-term, where 7,500m of drilling will be completed. At Kayali, Pilot has indicated that 1,400m have been completed with assays pending for four holes. Overall, we believe that the drill results are positive, as they show extension of the gold zone with several high-grade intercepts reported, with KCD warranting further exploration work."

Tara Hassan, Haywood Securities (7/18/13) "The latest results from Pilot Gold Inc.'s TV Tower include some of the best intersections to date. . .exploration at the project is on track to deliver an initial NI 43-101 resource late this year or early 2014, which we expect could be a significant catalyst. Considering the potential for the company's projects and its strong cash position (~US$31M in cash), which will fund exploration through 2014, we continue to expect Pilot Gold to outperform its peer group."

Morning Coffee (7/17/13) "Pilot Gold Inc. announced that it has begun a 20,000m drill campaign at Kinsley Mountain, Nevada, following on an effective 2012 drilling and exploration campaign that defined and expanded gold mineralization over a 2.2 km-long trend. . .the 2013 exploration program is designed to extend and further define Kinsley's high-grade and bulk-tonnage mineralization with an aggressive 20,000m of core and reverse circulation drilling as well as additional geophysical, engineering, metallurgical surveys, and district-wide exploration. Pilot currently holds a 65% interest in Kinsley Mountain, with Nevada Sunrise holding the remaining 35%."

Tara Hassan, Haywood Securities (7/16/13) "Drilling has begun at Pilot Gold Inc.'s Kinsley Mountain project. . .we look to results from drilling on the expanded permits to be the more important catalyst for the project in 2013, as positive results from new targets stand to provide further support for the company's view that Kinsley is a Long Canyon lookalike and could boost our assumed resource."

Tara Hassan, Haywood Securities (7/10/13) "Pilot Gold Corp. has commenced drilling at Kayali. . .we look for initial drill results in early August to provide a near-term catalyst for the company. Exploration at TV Tower remains on track to deliver an initial NI 43-101 resource late this year or in early 2014, which we expect could be a significant catalyst. Considering the potential for Pilot's projects and its strong cash position (~US$31M in cash as of March 31, 2013), which will fund exploration through the bulk of 2014, we continue to expect the company to outperform its peer group."

The Gold Report Interview with Jeff Killeen (6/28/13) "I went to see Pilot Gold Inc.'s assets in Turkey this spring. The company has two joint ventures there with Teck Resources Ltd.: the Halilaga and TV Tower projects. I find TV Tower very interesting in that it sits in the right location, geological speaking. One can stand on top of TV Tower and see Kirazli, which is owned by Alamos Gold Inc.; Kucukdag, the most advanced Pilot target with drilling intersecting high-grade gold; Sarp; Kayali; and Columbaz targets. The prospect for a significant resource to be defined at TV Tower in the near term and then expanded over time is quite likely. . .I'm very positive [on Turkey as a mining jurisdiction]. At the most recent PDAC conference in Toronto, an entire day was devoted to Turkey. The Turkish Ambassador and the Minister of Mines gave presentations noting how positive the country is toward mining. It has experienced phenomenal GDP growth over the last decade, in large part due to mining." More >

Tara Hassan, Haywood Securities (5/16/13) "Exploration at Pilot Gold Inc.'s TV Tower project is on track to deliver an initial NI 43-101 resource late this year or in early 2014, which we expect could be a significant catalyst. Considering the potential for the company's projects and its strong cash position (~US$31M in cash), which will fund exploration through the bulk of 2014, we continue to expect Pilot to outperform its peer group. . .drilling at the silver zone returned one of the best grading intersections to date [in] hole KCD-108 at 93 g/t Ag over 122.7m."

Jeff Killeen, CIBC World Markets (5/7/13) "We participated in a site visit to Pilot Gold Inc.'s Halilaga and TV Tower projects in Turkey. . .and observed a marked improvement compared to our previous visit in 2012, particularly at TV Tower, now that the company has operatorship of the project. . .we viewed several targets at TV Tower, including KDC and Kayali. A highlight was the overall scale of the project footprint and the numerous prospective targets within the project boundaries that have similar characteristics to other regional deposits."

Jordan Roy-Byrne, The Daily Gold (5/4/13) "Pilot Gold Corp. is a company that is very well funded right now. . . we want to find companies that are run by those who have had past success. . .and Mark O'Dea of Pilot has had substantial success as a CEO."

Tara Hassan, Haywood Securities (4/26/13) "Pilot Gold Inc. hosted a site visit at its Halilaga and TV Tower projects. . .it reinforced our positive views of the projects and the company's corporate and in-country management teams. With 2013 marking the first full year that Pilot will be operator of TV Tower, we expect the project to advance more rapidly and look for drill results, the initial resource estimate and initial metallurgical test results to provide significant catalysts for the company in 2013."

Jordan Roy-Byrne, The Daily Gold (4/25/13) "Pilot Gold Inc. is a tremendous value. There are so many things to like about the company and it ranks extremely high when measured against our criteria for exploration companies. . .with a market cap barely over $100M and $39M in cash, plus three strong projects and over 20% ownership from major companies, Pilot is worthy of being a core position at these levels."

Shane Nagle, National Bank Financial (4/25/13) "Drilling at the KCD target restarted with one drill moving over to Kayali in the next couple of weeks. . .in our view, Kayali offers a fairly attractive exploration target. . .the company's Turkey projects benefit from good local infrastructure and positive government support. . .our Outperform rating reflects Pilot Gold's cash balance, strong exploration team and near-term exploration potential."

Jordan Roy-Byrne, The Daily Gold (4/21/13) "There is already much to like about Pilot Gold Corp. Its management has a strong track record, it has projects with big potential, a joint venture with Teck Resources Ltd. and 16% of it is owned by Newmont Mining Corp. . .and it has a whopping $39M in cash."

Tara Hassan, Haywood Securities (4/8/13) "Pilot Gold Inc. issued its 2012 financial results. . .the company ended the year with a cash and short-term investment balance of US$37.4M. . .Pilot Gold remains undervalued relative to peers on an EV/oz basis. . .the company is targeting an initial resource estimate for KCD by the end of 2013. . .the company's interest in the Kinsley Mountain project has increased to 65% from 51% after meeting the $3M earn-in expenditure requirement."

Morning Coffee (4/3/13) "Thanks to Pilot Gold Inc.'s success though the drill bit, experienced management team and prudent financing last year, the company has a strong balance sheet, allowing it to announce the next phase of its aggressive drilling plans. . .there will be a total of 30,000m of drilling property-wide, including 15,000m on the KCD target and 7,500m each on the Kayali and Columbaz targets. . .earlier drilling confirmed presence of 250m by 400m Au zone and a large 400m by 600m stratabound Ag zone that overlies the Au zone."

Tara Hassan, Haywood Securities (4/1/13) "Pilot Gold Inc. ended 2012 with a cash and short-term investment balance of $37.4M, in line with our estimate of $37.9M. . .the company believes with the closing of the offering in November 2012, it is positioned to advance its properties without the need to raise additional capital in the medium term. This is in line with our view that Pilot is well funded into 2014 with the opportunity to raise additional funds through the sale of its Halilaga project."

The Gold Report Interview with Jeb Handwerger (4/1/13) "Pilot Gold Inc. is well cashed up. I am particularly excited about the company's work at Kinsley Mountain where it is partnered with Nevada Sunrise Gold Corp. The companies are exploring the Kinsley Mountain deposit in Nevada, which is a very exciting discovery south of the Long Canyon property. It looks as if there's some potential for Kinsley Mountain to be the next major Nevada discovery, similar to Long Canyon. . .Pilot is having a lot of success in Turkey. On top of that success, I believe it will also advance its Nevada Kinsley Mountain project as well. TV Tower has been the main driver, but I keep a close eye on Kinsley Mountain because I like Nevada Sunrise and the Pilot technical team there." More >

Wayne Hewgill, Tempest Funds (3/22/13) "The final holes from Pilot Gold Inc.'s phase 1 drilling on the KCD target on its TV Tower joint venture in western Turkey continue to return high-grade, high-sulphidation Au/Ag/Cu mineralization. Definition drilling in the KCD breccia zone returned 16.5m grading 25.7 g/t Au, 47.2 g/t Ag and 2.12% Cu, including a higher-grade interval of 142 g/t Au, 141 g/t Ag and 3.39% Cu over 2m."

Mike Hocking, Scotia Capital (3/21/13) "We have initiated coverage on the common shares of Pilot Gold Inc. with a Sector Perform rating. . .TV Tower hosts a large mineralized system with both high- and low-sulphidation style alteration and mineralization.. . .with ~$40M in cash and an estimated $18M 2013 budget, the company should have sufficient funds to cover exploration costs well into 2014. . .Pilot has a strong technical management team capable of advancing its exploration projects in Turkey and Nevada."

Morning Coffee (3/20/13) "Pilot Gold Inc. has an attractive combo, high grades and aggressive plans. Investors applauded Pilot Gold Inc.'s most recent results, as drilling further demonstrates high-grade continuity at the KCD Target, in northwest Turkey."

Morning Coffee (3/20/13) "Investors applauded Pilot Gold Inc.'s most recent results, as drilling further demonstrates high-grade continuity at the KCD target. . .going forward, the company plans an additional 25,000–30,000m of drilling at TV Tower with a focus on KCD, Kayali and Columbaz targets in 2013."

Jeff Killeen, CIBC World Markets (3/19/13) "Pilot Gold Inc. released results for the remaining 15 diamond drill holes from the phase 1 drilling program at TV Tower's KCD target in Turkey; highlights from infill drilling include 25.7 g/t Au, 47.2 g/t Ag and 2.12% Cu over 16.5m in hole KCD-102 and 13.9 g/t Au over 6.3m in hole KCD-99. Today's drill results are encouraging, as they continue to indicate good continuity of mineralization, particularly within the higher-grade breccia zone."

Tara Hassan, Haywood Securities (3/19/13) "Pilot Gold Inc.'s TV Tower season ended on a high note. . .the company reported gold and copper assays from 15 remaining diamond core holes . . .we expect share price to react positively as the latest results confirm the high-grade zone at KCD with attractive headline results. . .the latest results have strengthened our view that TV Tower will be a sizable multimetal system. With multiple catalysts on the horizon, we expect the company's share price to continue to respond favorably to positive results."

Shane Nagle, National Bank Financial (3/19/13) "Today's results were the final holes from Pilot Gold Inc.'s phase 1 drill program at TV Tower. Highlights from infill drilling include: KCD-102: 16.5m grading 25.7 g/t and KCD-99: 6.3m grading 13.9 g/t—with both of these holes demonstrating the continuity of the previously drilled hole KCD-50. . .phase 1 drilling returned consistent high grades. . .the average intersection since June 2012 was 12.9m grading 3.49 g/t Au, 9.83 g/t Ag and 0.51% Cu. . .continued exploration success underpins our Outperform rating."

The Gold Report Interview with Joachim Berlenbach (3/11/13) "I followed CEO Mark O'Dea, a structural geologist, from Fronteer Gold Inc. to Pilot Gold Inc. We made a lot of money in the months before Fronteer Gold was taken out. Pilot Gold has two big projects in Turkey, TV Tower and Halilaga, plus the Kinsley Mountain deposit in Nevada. Kinsley has a similar structural setting to Fronteer Gold's Long Canyon, but Pilot Gold has more drilling to do. . .at this stage, the Turkish assets look more promising than Kinsley Mountain. I really like TV Tower. Pilot Gold might divest Halilaga for the right price." More >

Morning Coffee (3/1/13) "Shares of Pilot Gold Corp. moved higher after the company reported additional drill results (both stepout and infill) from the near-surface zone of silver-only mineralization that overlies the high-grade gold-silver-copper zone at the KCD target at the TV Tower project. . .holes KCD-104 and KCD-105 represent the most westerly holes drilled in the silver zone and boast some of the strongest silver intercepts to date. . .the silver zone is open to the west, east and down dip to the north."

Jeff Killeen, CIBC World Markets (2/28/13) "Pilot Gold Inc. has traced the silver-rich zone at TV Tower over an area of 600m by 300m. . .the zone appears to be of meaningful size. . .we feel the results are positive for the company, as we estimate a weighted-average grade of 59.5 g/t Ag for the silver-only zone."

Tara Hassan, Haywood Securities (2/28/13) "Pilot Gold Inc. released results further confirming the potential for the recently discovered silver-rich zone at the KCD target at its TV Tower joint-venture project in Turkey. While the company still needs to determine the host of the silver mineralization, which will be pivotal for the project's economics, the strong results from the zone bodes well for delineation of a sizable system at the project (in our view, it could host 40–50 Moz silver at minimum) and our valuation could stand to benefit as a result with more drill results."

Shane Nagle, National Bank Financial (2/28/13) "Near-surface silver mineralization at Pilot Gold Corp.'s KCD continues to expand; the recently identified near-surface, silver zone now covers an area of ~600m x ~300m (extended by ~100m to the west by today’s results) that overlies the high-grade Au-Ag-Cu zone at the KCD target. Highlights from today’s results include 18.1m grading 255 g/t Ag and 4.8m grading 1,389 g/t Ag; today's results returned a weighted average intercept of 67.7 g/t Ag over 93.1m. . .a strong cash balance, recent exploration success and steady news flow support our Outperform rating; Pilot has US$40M in cash to support ongoing exploration efforts."

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