May 28, 2014

Initiating Coverage
Rob Chang, MBA Associate: Michael Wichterle, MBA
(416) 849-5008 (416) 849-5005
Sales/Trading — Toronto: (416) 363-5757, (866) 442-4485
See disclosure and a description of our recommendation structure at the end of this report.
Company profile: Pershing Gold is a near term gold
producer with assets in Nevada. Pershing has a fully
operational and permitted processing facility along with
a consolidated land position of over 25,000 acres.


Near-term gold producer with a turn-key facility and pedigreed management
Pershing Gold Corp is a near-term, Nevada-based
gold development company with pedigreed
management that will soon re-start production at
the Relief Canyon Mine.
We are initiating coverage on Pershing Gold Corp.
with a Buy recommendation and a $0.55/share
target price. Our target price reflects a 1.0×
multiple to our $0.54 per share NAV valuation.
▪ Relief Canyon mine – Pershing’s Relief
Canyon Mine is located in a known gold and
silver trend in North-central Nevada. The mine
itself has previously been in production
(131,000 oz gold, 111,000 oz silver) in the late
▪ Blue sky potential – Pershing controls a total
consolidated land position of 25,000 acres
located adjacent to established mines. Of
which less than 10% has been explored to date.
▪ Permitted processing facility – As a key
asset, Pershing Gold has a fully permitted
processing plant with a capacity to treat 8M
tons per year. Moreover, the permitted leach
pad has a 21M ton capacity. The facility itself is
ideally positioned to process future discoveries
from satellite deposits.
▪ Permits & production – The company is on
track to be fully permitted by 2015. We
anticipate production to begin in 2016.
▪ Pedigreed Management – Chairman and
CEO Stephen Alfers was the former Chief of
U.S. Operations at Franco-Nevada and has
developed several notable gold projects
including Long Canyon, Sandman, and
Recommendation: BUY
Symbol/Exchange: PGLC/OTCQB
Sector: Metals & Mining
All dollar values in USD$ unless otherwise noted.
Current price: $0.35
One-year target: $0.55
Return target: 57%
Cash on hand $5.5M
Financial summary

Shares O/S (M) 280.3 52-week range $ 0.34 - 0.41
Market cap ($M) $98.1 Avg. weekly vol. (000) 2,898
Market float ($M) $95.0 Fiscal year-end 31-Dec
Measured & Indicated Tons (K) Au (g/t) Au (Koz)
Measured-Oxide 3,985 0.7 87.0
Indicated-Oxide 22,712 0.6 447.0
Indicated-Sulfide 250 2.2 18.0
Total 26,947 0.6 552.0
Inferred Tons (K) Au (g/t) Au (Koz)
Inferred-Oxide 10,124 0.5 157.0
Inferred-Sulfide 163 1.5 8.0
Total 10,287 0.5 165.0
(0.156g/t Oxide & 0.633g/t Sulfide cut-off)
Source: Company Reports and Cantor Fitzgerald
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 2 of 18
We are initiating coverage of Pershing Gold Corp. (“PGLC”) with a Buy
recommendation and a $0.55/share target price. With Pershing Gold, we see an
excellent combination of a quality exploration project given the status as a past
producing mine, a proven management team, a nearly-new processing facility,
and a quick timeframe to production. Our target price of $0.55 implies upside
of 57% from last close.
Since its trading began nearly three years ago, Pershing Gold has grown via
exploration and acquisition. This is demonstrated by the resource growth at its
Relief Canyon Project, beginning with 155,000 oz as of a June 2010 NI43-101
Technical Report which subsequently grew to 564,000 oz by January 2013.
Presently, given the newest Technical Report which was published in March
2014, the global gold resource stands at 717,000 oz.
Given that most permits are already in-hand, we forecast a quick re-start in
production by 2016, (nearly 85,000 ounces). While Pershing has not released a
preliminary economic analysis, based on Nevada-peer performance data, we
estimate Pershing to produce at an all-in sustaining cash cost of $743.50.
Exhibit 1. Share price performance & gold resource growth

Source: Cantor Fitzgerald Canada

3-Oct-11 3-Oct-12 3-Oct-13
Sept 2011:
Global Au Resource:
155,000 oz
January 2013:
Global Au Resource:
564,000 oz
March 2014:
Global Au Resource:
717,000 oz
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 3 of 18
Exhibit 2. Key asset location

Source: Pershing Gold Corp.
Past producing mine - The Relief Canyon Mine has a history of production
in which 131,000 oz of gold along with 111,000 oz of silver have been mined in
the late eighties.
Rapid resource growth - Since June 2010, a global resource of 155,000 oz has
grown by 363% to reach 717,000 oz as of March 2014. The estimated 2014
drilling budget for Relief Canyon will total $1.5M and encompass between
7,000-8,000 meters.
Exploration upside – Of the over 25,000 acres of claims, less than 10% has
been explored. In fact, the deposit itself at Relief Canyon is only about 50%-
60% explored according to management. We note that operations are in a
known gold & silver trend which since 2011 has had nearly $7M in exploration
drilling. The Relief Canyon mine is located 6 miles south of Coeur Mining’s
(CDE-NYSE, CDM-TSX; Not Rated) Rochester Mine that is expected to
produce 28,000 – 31,000 oz. of gold and 4.1 – 4.4M oz. of silver in 2014 as well
as two other operations within 15 miles distance.
Fully permitted processing facility – Currently on care & maintenance, the
processing facility is expected to be re-commissioned along with all necessary
ancillary support facilities on the Relief Canyon mine site. The processing plant
has a capacity to treat 8M tons per year. Moreover, the permitted leach pad has
a 21M ton capacity. The plant is relatively new, having been built in 2008. The
re-commissioning is expected for the first half of 2015.
Excellent management pedigree – Chairman and CEO Stephen Alfers was
the founder and CEO of NewWest Gold Corporation from 2002-2007, where
he led the development of several notable gold projects including Long
Canyon, Sandman, and Northumberland, all projects now owned and being
developed by Newmont. Alfers was a senior executive at Franco-Nevada
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 4 of 18
Corporation from its founding in 2007 until he joined Pershing in 2012.
Pershing’s Nevada based group includes VP and General Manager Dan Moore
has over 27 years of mining engineering and operations experience at several
mines including Round Mountain, Florida Canyon and Cortez and Corporate
VP, Debbie Struhsacker, with more than 30 years’ experience in gold
exploration and permitting and regulatory matters. Larry Hillesland leads a
group of experienced exploration and development geologists.
Nevada has a long history of gold mining seeing as the State contributes
approximately three-quarters of total U.S. production. All major players such as
Barrick Gold (ABX-NYSE/TSX, Not rated), Newmont Mining (NEM-NYSE,
Not rated), Goldcorp (GG-NYSE/G-TSX, Not rated), and Kinross Gold
(KGC-NYSE/K-TSX, Not rated) have major operations in the State, mining
from world class mines such as Carlin, Gold Quarry, Goldstrike, Marigold,
Cortez, and Round Mountain.
A smaller Nevada based peer group comprising of Allied Nevada (ANV-
NYSE/TSX, Not rated), Midway Gold (MDW-NYSE/TSX, Not Rated), Rye
Patch Gold (RPM-TSXV, Not Rated), Klondex Mines (KDX-TSXV, Not
Rated), and Comstock Mining (LODE-AMEX, Not Rated) have been
assembled for purposes of comparable analysis.
Exhibit 3. Nevada based peers rebased to PGLC

Source: Cantor Fitzgerald Canada, Bloomberg
As can be seen from exhibit 3 above, Pershing Gold has outperformed most of
its peers since the start of 2012, with the exception of Comstock Mining
(LODE) and is on par with Klondex Mines (KDX).
Pershing Gold Corporation, formerly named Sagebrush Gold Ltd., was
incorporated under the laws of the State of Nevada on August 2, 2007.
On August 30, 2011, the Company, through its wholly-owned subsidiary, Gold
Acquisition Corp. acquired its first gold property, the Relief Canyon Mine
property located in Pershing County, near Lovelock, Nevada, for an aggregate
purchase price consisting of: $12 million in cash and $8 million in senior
1/4/2012 7/4/2012 1/4/2013 7/4/2013 1/4/2014
Rebased ANV Rebased MDW Rebased RPM Rebased KDX Rebased LODE PGLC
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 5 of 18
secured convertible promissory notes. At the time, the property had an NI43-
101 indicated resource of 113,000 ounces gold along with an additional 42,000
ounces of inferred gold. In conjunction with the acquisition and with the
underlying intent of getting the mine and leach processing facilities back into
production, a plan to consolidate the previously fractioned land ownership
surrounding the Relief Canyon mine was put into place.
On February 27, 2012, the Company changed its name to Pershing Gold
On April 13, 2012, Pershing Gold announced that it had closed a transaction
with Victoria Gold (VIT-TSXV; Not Rated) whereby in exchange for US$2M,
10M common shares of Pershing Gold, and 5M two-year warrants exercisable
for one share of Pershing Gold common stock at an exercise price of $0.60 per
share, Pershing gold received the following: Exclusive control of approximately
13,300 acres of unpatented mining claims and private lands surrounding current
landholdings at the Relief Canyon mine.
By September 17, 2012, the Relief Canyon mine and the lands immediately
surrounding the mine were controlled by a single owner.
On February 7 2013, Pershing Gold further expanded landholdings with the
addition of approximately 2,630 acres of both unpatented mining claims and
private lands. Upon completion of the acquisition (and to date), Pershing Gold
holds 25,220 acres in the Pershing Gold and Silver Trend.
Shares of Pershing Gold Corp. trade on the OTCQB under the ticker “PGLC”.
However, the company is in the process of up-listing to the NYSE:MKT, where
we believe the graduation to the senior board will improve liquidity and interest.
Exhibit 4. Historic production

Source: Pershing Gold Corp.
Pershing Gold owns 164 unpatented lode mining claims and 120 unpatented
millsites at the Relief Canyon mine property, which is located 100 miles
northeast of Reno Nevada. The property includes the Relief Canyon mine and
gold processing facilities, currently on care and maintenance status. The Relief
Canyon mine includes three open pit mines, heap leach pads comprised of six
cells, two solution ponds, and a cement block constructed adsorption
desorption-recovery (“ADR”) solution processing circuit. The ADR type
process plant consists of four carbon columns, acid wash system, stripping
Year Gold (oz.) Silver (oz.) Tons mined (M)
1984-1985 13,826 - -
1986 1,800 - -
1987 41,600 31,868 4.9
1988 40,000 42,570 9.5
1989 29,900 29,828 9.6
1990 4,100 6,414 0.0
Totals 131,226 110,680 24.0
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 6 of 18
vessel, and electrolytic cells. The process facility was completed in 2008 by
Firstgold Corp and produced gold until 2009. The facilities are generally in good
condition. Note that most of the Relief Canyon mine property carries a
production royalty equal to 2% of net smelter returns payable to Battle
Mountain Gold Exploration LLC (now owned by Royal Gold).
Exhibit 5. Relief Canyon mine & processing facilities

Source: Pershing Gold Relief canyon NI43-101 Technical Report – April 2013
Several other gold and silver properties are located in the Humboldt Range
which is in the general vicinity of the Relief Canyon property. As can be seen
below in exhibit 6, there are several other properties within 10-30 miles of Relief
Canyon which have similar geological characteristics.

Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 7 of 18
Exhibit 6. Relief Canyon and adjacent properties

Note: The Spring Valley Project is “in development” and is now owned by Barrick Gold
Note: Relief Canyon is now “in development”
Source: Pershing Gold Relief canyon NI43-101 Technical Report – April 2013
Mining companies nearby include Coeur Mining which operates the Rochester
mine, Barrick Gold/Midway Gold (ABX-NYSE/TSX, MDW-NYSE/TSX;
Not Rated) which operates the Spring Valley project, and Rye Patch Gold
(RPM-TSXV; Not Rated) which owns the past-producing Willard mine.
Exhibit 7. Relief Canyon & adjacent mines/projects

Source: Cantor Fitzgerald Canada, Individual Company Reports
Company Mine/Project Status Peak Production (Year) Global Gold Resource Distance from Relief Canyon
Coeur Mining Rochester Mine Current producer 30,860 oz Au, 2.8M oz Ag (2013) 1,236,000 oz 6 Miles north
Rye Patch Gold Willard Mine Past producer 25,000 oz Au (1992) 2,318,000 oz 9 Miles northwest
Barrick Gold/Midway Gold Spring Valley Project Exploration - 4,131,000 oz 15 Miles northeast
Pershing Gold Corp. Relief Canyon Mine Past producer 41,600 oz Au (1987) 717,000 oz -
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 8 of 18
Resource Growth
Since June 2010, a global resource of 155,000 oz has grown by 363% to reach
717,000 oz as of March 2014. The estimated exploration budget on Relief
Canyon this year will total $1.5M and encompass between 8,000-9,000 meters.

Exhibit 8. Relief Canyon resource growth

Source: Pershing Gold Corp, Cantor Fitzgerald Canada
Exploration Potential:
From 2011-2012, approximately 15,000 meters of drilling was completed and
nearly $5M spent, 300,000 ounces was added to the resource estimate. In 2013,
approximately $1.5M was spent on 6,000 meters of drilling. This year, an
additional $1.5M drilling budget will be spent to drill ideally between 8,000-
9,000 meters, spread over up to 40 holes.
As announced in early May, 2014 drilling has commenced with two areas of
focus: The first drilling area will be along the high-wall of the current pit with
the goal of expanding the resource to the east. This high-wall drilling will utilize
a specialized rig designed to drill holes at very shallow dip angles, allowing
Pershing Gold the ability to test areas beneath and east of the high-wall without
constructing new roads. The second area of drilling will include step-out holes
testing for high-grade mineralization within and to the north of the existing pit.
This drilling will utilize a standard surface diamond core drill rig. The program
will also include in-fill drill holes to expand high-grade zones within the Lower
and Jasperoid zones.
To date, Pershing Gold has consolidated an area in the vicinity of the Relief
Canyon Mine to encompass 25,200 acres, which will allow for expansion in all
directions given the 2014 drilling campaign. It is estimated that less than 10% of
the entire area has been explored to date and only about 50%-60% of the
deposit has been explored as well - leaving plenty of potential for blue-sky
resource expansion.
Inferred Indicated Measured
January 2013 March 2014
January 2011
January 2012 June 2010
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 9 of 18
Exhibit 9. 25,200 total acres allows for expansion in all directions

Source: Pershing Gold Corp.
Highlight drill holes from 2013 exploration drilling included several high grade
intercepts, notably drillhole RC13-145 which returned 6.441 g/t over 20.5 feet,
RC13-151 which returned 7.68 g/t over 43.5 feet and RC13-148 which returned
5.486 g/t over 5.2 feet.
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 10 of 18
Exhibit 10. Relief Canyon 2013 high grade drilling highlights

Source: Pershing Gold Corp.
Note that the above drill hole data is concentrated in two delineated areas, the
Jasperoid Zone and the Lower Zone.
The gold bearing zones are a series of stacked fault zones in which the upper
one is the main zone, followed by the lower zone, and finally followed by the
Jasperoid zone. The distance from the main zone to the bottom of the
Jasperoid zone is about 150 meters on average. The bulk of the current resource
is contained in the main zone and the rocks in all zones are various types of
Drillhole From To Length Gold Silver
(Ft) (Ft) (Ft) g/t g/t
RC13-138 193.7 204.5 10.8 1.293 1.398
RC13-141 360.5 537.5 177.0 1.614 6.302
Including 481.8 485.0 3.2 37.005 51.100
RC13-142 318.0 326.0 8.0 1.070 4.450
RC13-142 367.0 377.8 10.8 1.192 2.430
RC13-144 315.0 388.8 73.8 0.834 1.942
Including 315.0 330.0 15.0 1.402 4.401
RC13-145 180.0 195.0 15.0 1.117 0.400
RC13-148 198.8 204.0 5.2 5.486 6.100
RC13-150 314.6 355.0 40.4 1.802 2.572
Including 320.0 325.0 5.0 6.787 12.300
RC13-137 140.5 144.0 3.5 22.181 22.700
RC13-140 514.0 524.1 10.1 2.229 4.021
RC13-143 313.7 430.0 116.3 0.457 2.140
Including 355.0 363.5 8.5 3.711 5.903
RC13-144 315.0 388.8 73.8 0.834 1.942
RC13-145 383.5 404.0 20.5 6.441 5.026
including 399.0 404.0 5.0 19.645 13.400
RC13-147 285.0 308.8 23.8 1.160 6.618
RC13-149 330.0 385.0 55.0 2.504 34.736
Including 335.0 354.0 19.0 6.514 97.238
RC13-150 436.4 478.0 41.6 2.760 3.723
Including 462.5 468.9 6.4 12.880 11.550
RC13-151 315.4 343.9 28.5 1.220 3.284
RC13-151 429.8 473.3 43.5 7.680 23.768
Including 434.5 449.5 15.0 10.734 29.719
Including 463.3 468.3 5.0 31.401 73.700
RC13-152 551.0 592.0 41.0 3.026 9.647
Including 563.9 567.0 3.1 29.550 96.000
Lower Zone Intercepts
Jasperoid Intercepts
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 11 of 18
Exhibit 11. 2013 Drillhole locations and delineated gold zones

Source: Pershing Gold Corp.
Given the current resource inventory and other publicly-available information,
we foresee initial production commencing in 2016 at an initial rate of 85,000
ounces per year, ramping up to just over 100 ounces per year in the subsequent
three years. We foresee cash costs maintained at under $800 per ounce over the
current life-of-mine, while the all-in sustaining cost will be slightly above $800
per ounce.
Exhibit 12. Relief Canyon estimated production & costs

Source: Pershing Gold Corp, Cantor Fitzgerald Canada





Gold Production (000s oz) Cash Costs (US$/oz) All-In Sustaining Cost
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 12 of 18
Our full Relief Canyon model assumptions are depicted below in exhibit 13.
While we forecast production to commence in 2016, we expect production to
only come from above the water table for the first two years and then go below
the water table in 2018, where there is higher grade and higher costs due to
depth and the associated higher strip ratio. Moreover our model only accounts
for mining from the oxide resource and does not include the sulphide resource.
Our assumptions are based on an analysis of similar operations such as
Midway’s Pan Project and Allied Nevada’s Hycroft Mine.
Exhibit 13. Relief Canyon Model Assumptions

Source: Cantor Fitzgerald Canada Estimates, Pershing Gold Corp.
The state of the art heap leach facility was refurbished in 2008 and has the
capacity to treat 8M tons per year. The fully permitted leach pad has a 21M ton
capacity. Pershing Gold Corp. currently has secured all the necessary permits
needed to run the plant. Note as well that approval of a mine expansion is
expected in 2015.

CFCC Research Estimates/ Forecasts
Mining Method Open Pit
Mining Capacity 7 Million Tons per year
Initial CapEx $14M
Sustaining CapEx $3M year for four years
M&I Resource above the water table 8.9 M tons
M&I Resource below the water table 17.8 M tons
Inferred Resource above the water table 3.4 M tons
Inferred Resource below the water table 6.7 M tons
% of Resource to Crushing Circuit 0.67
% of Resource to Run of Mine Circuit 0.33
Crushing Head Grade - Above Water Table 0.024 oz/ t
ROM Head Grade - Above Water Table 0.007 oz/ t
Crushing Head Grade - Below Water Table 0.032 oz/ t
ROM Head Grade - Below Water Table 0.007 oz/ t
Crushing Recoveries 75%
ROM Recoveries 60%
Strip Ratio - Above Water Table 2:1
Strip Ratio - Below Water Table 4:1
Open Pit Mining Cost (t/ mined) $1.80/ t
Crushing Circuit Cost (t/ ore) $2.90/ t
ROM Circuit Cost (t/ ore) $1.20/ t
G&A Cost (t/ crushed ore) $1.20/ t
Avg Cash Cost $697.63/ oz
Avg All-In Sustaining Cost $769.02/ oz
Avg. Annual Gold Production 99,607 oz Au
Long Term Gold Price $1300/ oz
Discount Rate 8%
Project NAV $143M
IRR 546%
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 13 of 18
Exhibit 14. Relief Canyon Processing Plant

Source: Pershing Gold Corp.

Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 14 of 18
Exhibit 15. Current NI 43-101 Relief Canyon resource estimate.

Source: Cantor Fitzgerald Canada, Company Reports
Some of the largest holders of Pershing Gold shares include Phillip Frost
(19.03%), Barry Honig (13.3%), and Stephen Alfers (4.73%). Management and
directors own approximately 19.0%, which clearly aligns their interest with
As of Year-end 2013, there are 279.996M common shares outstanding.
Additionally, there are 32.9M stock options outstanding with an average
exercise price of $0.40/share and 21.2M warrants outstanding with an average
exercise price of $0.45/share. Cash on hand currently stands at $5.5M
We are initiating coverage of Pershing Gold with a Buy recommendation and a
$0.55 per share target price. The target price is based on applying a 1.0x multiple
to our derived NAV valuation of $0.54. Our NAV analysis assumes a long term
gold price (post 2019) of $1,300/oz. and our 2016 gold price (first year of
production) is $1,300/oz. This target implies a 57% upside from the May 27,
2014 close of $0.35 per share.
We further note that our valuation does not include any potential resource
expansions. However, we fully expect to see Pershing continue its success in
identifying additional mineable resources. As such, we see our valuation more as
a base valuation than an all-encompassing valuation that captures additional
exploration success.
Category Cutoff Tonnes Gold Grade Total Gold
(g/t Au) (g/t Au) Ounces
Measured-Oxide 0.156 3,985,000 0.684 87,000
Indicated-Oxide 0.156 22,712,000 0.622 447,000
Indicated-Sulfide 0.622 250,000 2.208 18,000
Indicated Total Variable 22,962,000 0.622 465,000
Measured & Indicated Total Varaible 26,947,000 0.622 552,000
Inferred-Oxide 0.156 10,124,000 0.467 157,000
Inferred-Sulfide 0.622 163,000 1.493 8,000
Inferred Total Variable 10,287,000 0.498 165,000
Global Resource 717,000
*1) This updated resource estimate includes the results from the 32 core hole drilling program
(approximately 22,000 feet) completed in 2013 in the target area north of the North Pit.
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 15 of 18
Exhibit 16. Net Asset Value

Source: Cantor Fitzgerald Canada Estimates
Comparison to Peers
A Nevada-based peer group comprising of Midway Gold (MDW-NYSE/TSX,
Not Rated), Rye Patch Gold (RPM-TSXV, Not Rated), Klondex Mines (KDX-
TSXV, Not Rated), and Comstock Mining (LODE/AMEX, Not Rated) have
been assembled for purposes of comparable analysis, along with other select
North American miners.
As noted in exhibit 17 below, PGLC trades at a premium to peers on both a
Mcap/global Au oz. and EV/global Au oz due largely to the fact that the
current global resource totals much less than the peer group average. We expect
upcoming future resource increases will move the ratios in line with PGLC’s
Exhibit 17. Pershing Gold relative to Nevada and North American Peers

Source: Cantor Fitzgerald Canada Estimates & Company Reports
Mining Assets
USD$ 000s Per share
Relief Canyon (100%) $143,439 $0.51
Total Mining Assets $143,439 $0.51
Financial Assets
USD$ 000s Per share
Cash $5,514 $0.02
Working Capital net of cash $2,161 $0.01
LT Liabilities -$36 ($0.00)
Proceeds from ITM Instruments $0 $0.00
$7,640 $0.03
Net Asset Value $151,079 $0.54
Shares Outstanding (000's) 280,284
NAV/sh $0.54
Diluted shares outstanding 280,284
NAV per Diluted share (C$/share) $0.54
Current share price (C$/share) $0.35
Price / NAV 0.65x
(1) Corporate adjustments are as of last reported Financial Statements March 31, 2014
Primary Primary Last price Au Mcap / EV /
Exchange(s) Ticker(s) Status Asset Location (Local $) Mcap EV Global (oz) Global Au (oz) Global Au (oz)
Allied Nevada NYSE, TSX ANV Production Hycroft Nevada 3.19 332,490,440 828,424,531 30,335,000 10.961 27.309
Midway Gold NYSE, TSX MDW Development Pan, Spring Valley Nevada 0.97 130,079,567 135,091,725 8,736,390 14.889 15.463
Rye Patch Gold TSXV RPM Exploration Wilco, Lincoln Hill Nevada 0.17 24,163,713 15,458,495 2,318,000 10.424 6.669
Klondex Mines TSXV KDX Production Midas, Fire Creek Nevada 1.82 201,707,248 211,431,760 1,019,300 197.888 207.428
Comstock Mining AMEX LODE Production Comstock Mine Nevada 1.69 136,380,822 140,745,503 2,582,000 52.820 54.510
Victoria Gold TSXV VIT Exploration Eagle Yukon 0.12 40,808,877 25,238,212 6,300,000 6.478 4.006
Timmins Gold NYSE, TSX TGD,TMM Producer San Francisco Mexico 1.37 223,829,292 210,303,832 5,240,000 42.716 40.134
Atna Resources TSX ATN Development Briggs California 0.11 20,939,209 41,883,052 10,473,000 1.999 3.999
Average 138,799,896 201,072,139 8,375,461 46.745 47.459
Pershing Gold OTCQB PGLC Development Relief Canyon 0.35 98,099,573 89,129,100 717,000 136.819 124.308
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 16 of 18

Investing in mining and exploration companies is inherently risky. Commodity,
geological, operational, regulatory, or financing risks on projects could result in
delays in development or production, impact economics or disrupt shipment
Commodity Risk
The Company is in the production, development and exploration stage. There
is a risk that gold prices could decline in the interim as a result of an imbalance
between additional mine supply entering the market and reduced demand.
Should the price of gold decline significantly, the Company could choose to
delay or cancel further exploration and be required to write down reserves and
resources to reflect the weaker price environment. Any delay or termination of
project exploration could have an adverse impact on the future financial
position and profitability of the Company.
Geologic Risk
The resource estimate for Relief Canyon was derived from the most recent
resource report filed by Pershing Gold Corp. or acquired from another source.
Results of infill drilling could result in a reduction in the resource estimate, and
thus negatively affect the viability the project. Furthermore, the lack of future
exploration success may also impact upside potential of the company.
Regulatory Risk
In accordance with applicable Federal and State laws and regulations, Pershing
Gold Corp. is required to obtain the proper permits and licenses in order to
conduct exploration activities, develop its projects, and ultimately mine for gold.
We believe that Pershing Gold Corp. has been and will continue to be diligent
in its preparation of the applications for the required permits and licenses for its
projects; however, the regulatory review period could take longer than expected.
With considerable mineral development taking place, the regulatory agencies
may be stretched to the limit, prompting further delays.
Political Risk
We believe that the Nevada State government will continue its favourable view
towards gold mining. However, any local opposition could impede exploration
efforts as a result of additional public review/comment periods or debate and
possibly even potential litigation.
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 17 of 18

Source: Pershing Gold Corp.
Name Office Principal Occupation
Stephen Alfers
Executive Chairman, President &
CEO, Director
Stephen D. Alfers became PGC’s Executive Chairman, President and Chief Executive Officer in March 2012. Prior
to accepting this position with Pershing Gold Corporation f/k/a Sagebrush Gold, Ltd., Mr. Alfers was with Franco-
Nevada Corporation (NYSE:FNV) where he served as Chief of U.S. Operations from 2007 until the end of 2011.
Before joining Franco-Nevada Corp, Mr. Alfers was President and CEO of NewWest Gold Corporation, where he
developed a large portfolio of promising Nevada gold properties including Long Canyon, Sandman, and
Northumberland. Mr. Alfers’ career includes twenty years of experience as a partner in several prestigious
mining, oil and gas, and natural resource development law firms where he specialized in representing large,
international mining and oil and gas clients in the U.S., Africa, and South America.
Debra Struhsacker Corporate Vice President
Ms. Struhsacker has over 25 years of expertise with the key environmental, public land, political, and
stakeholder issues pertaining to mineral exploration and mine development. She is well known as an effective
mining industry advocate with a proven track record of successfully permitting mineral exploration and mining
projects. Among her many professional accomplishments, she played a key role in the fast-track permitting of
Franco-Nevada's Ken Snyder Mine (now Newmont's Midas Mine) in Elko County, Nevada; Kinross' Buckhorn
Mine in Okanogan County, Washington; and the exploration and discovery phases of Fronteer Development
USA Inc.'s (now Newmont's) Long Canyon Project in Elko County, Nevada.
Dan Moore
Vice President & General Manager,
Relief Canyon Mine
Moore is a seasoned mining professional with over 27 years of experience in mining engineering and
operations. During his career, he has held leadership positions in Nevada for Pegasus Gold Corp. at the Florida
Canyon Mine, which is located near Relief Canyon, and also for; Cortez Gold Mine, Round Mountain Gold Corp.,
Kinross Gold Corp., and Allied Nevada Gold Corporation. A native Nevadan, Moore has a B.Sc. in Mining
Engineering fromthe highly regarded Mackay School of Mines/University of Nevada, and is a Nevada Registered
Professional Engineer.
Eric Alexander Vice President Finance & Controller
Mr. Alexander became PGC’s Vice President Finance and Controller in September 2012. In November 2012 he
was appointed Principal Financial Officer, Principal Accounting Officer and Treasurer of PGC. Prior to joining
Pershing Gold Corporation, he was the Corporate Controller for Sunshine Silver Mines Corporation, a privately
held mining company with exploration and pre-development properties in Idaho and Mexico. He was also the
Corporate Controller for Golden Minerals Company (successor to Apex Silver Mines Limited), a US and Canadian
publicly traded international mining company with operations and exploration activities in South America and
Mexico. In addition to working in industry he also held the position of Senior Manager with the public
accounting firm KPMG LLP, focusing on mining and energy clients. He has over 23 years of corporate,
operational and business experience. Mr. Alexander has a B.S. in Business Administration (concentrations in
Accounting and Finance) from the State University of New York at Buffalo and is also a licensed CPA.
Larry Hillesland
Vice President Exploration &
Mr. Hillesland became PGC’s Vice President of Exploration and Development in February 2012. With over 30
years of experience, Mr. Hillesland has played a key role in the discovery of several gold systems (McDonald
Meadows/Keep Cool in Montana and Nixon Fork in Alaska, Candamena in northern Mexico, and adding
indicated ounces to Kinross’ Kupol Project in Russia). He also defined the 1 billion pound leachable copper
deposit at Hanover Mountain in New Mexico. Mr. Hillesland has a B.S. in Geology from the University of Idaho
and a Master’s degree from Oregon State University.
Mindyjo Germann
Executive Administrator &
Corporate Secretary
Ms. Germann became PGC’s Executive Administrator in February 2012 and PGC’s Corporate Secretary in March
2012. With over 25-years of experience, Ms. Germann has provided extensive C-Level executive support as well
as management support for numerous Chief Executive Officers and multiple Boards of Directors (DigitalGlobe,
Inc., MolsonCoors Brewing Company, and Einstein Noah Restaurant Group). Ms. Germann also served as
Paralegal and Closing TeamSpecialist for the Merger & Acquisitions practice groups of several nationally known
law firms (Hogan & Hartson LLP; Parcel, Mauro, Hultin & Spaanstra, P.C., and Holme Roberts and Owen LLP).
Ms. Germann has a Paralegal Certificate from the University of Colorado at Denver.
Jack Perkins Vice President, Investor Relations
Jack Perkins, Vice President of Investor Relations, joined Pershing Gold in November 2013. Perkins was formerly
the Director of Investor Relations for International Royalty Corporation (“IRC”). While at IRC he developed and
managed the Investor Relations program though such pivotal events as its initial public offering on the Toronto
Stock Exchange for $192 million, cross listing on the American Stock Exchange , the market crash of October
2008, financings of $65.5 and $54.1 million and the eventual acquisition of IRC by Royal Gold for $750 million.
Prior to joining IRC he was Director of Business Development for a private company engaged in management
consulting for such firms as Boeing Aerospace, Ball Aerospace and the Los Alamos National Laboratory. Perkins
has over nine-years experience in the mining industry and more than 15-years experience working with
entrepreneurially focused companies in the public and private space. He has a B.A. in Philosophy fromGeorge
Mason University and a MBA from the University of Denver.
Barry Honig Director
Mr. Honig has been the President of GRQ Consultants, Inc., since January 2004, and is a private investor and
consultant to early stage companies and sits on the board of several private companies. Mr. Honig serves as a
director on our Board of Directors due to his success as an investor, extensive knowledge of the capital markets
and his judgment in assessing business strategies. Mr. Honig has served as Co-Chairman of InterCLICK, Inc.
(NASDAQ:ICLK) since August 2007.
Alex Morrison Director
Mr. Morrison is a mining executive, chartered accountant and certified public accountant with over 26 years of
experience in the mining industry. He currently serves on the boards of Detour Gold Corporation and Taseko
Mines Limited. Mr. Morrison has held senior executive positions at a number of mining companies, most
recently serving as Vice President and Chief Financial Officer of Franco-Nevada Corporation from2007 to 2010.
From 2002 to 2007, Mr. Morrison held increasingly senior positions at Newmont Mining Corporation, including
Vice President, Operations Services and Vice President, Information Technology. Prior to that, Mr. Morrison was
Vice President and Chief Financial Officer of NovaGold Resources, Inc. and Vice President and Controller at
Homestake Mining Company and held senior financial positions at Phelps Dodge Corporation and Stillwater
Mining Company. Mr. Morrison began his career with PricewaterhouseCoopers LLP after obtaining his Bachelor
of Arts in Business Administration from Trinity Western University.
Pershing Gold Corp. May 28, 2014
Rob Chang, MBA, (416) 849-5008 18 of 18
The opinions, estimates and projections contained in this
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Investors receiving this report should effect transactions in
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Potential conflicts of interest
The author of this report is compensated based in part on the
overall revenues of Cantor, a portion of which are generated by
investment banking activities. Cantor may have had, or seek to
have, an investment banking relationship with companies
mentioned in this report. Cantor and/or its officers, directors
and employees may from time to time acquire, hold or sell
securities mentioned herein as principal or agent. Although
Cantor makes every effort possible to avoid conflicts of
interest, readers should assume that a conflict might exist, and
therefore not rely solely on this report when evaluating whether
or not to buy or sell the securities of subject companies.
Disclosures as of May 28, 2014
Cantor has not provided investment banking services or
received investment banking related compensation from
Pershing Gold Corp. within the past 12 months.
The analysts responsible for this research report do not have,
either directly or indirectly, a long or short position in the
shares or options of Pershing Gold Corp.
The analyst responsible for this report has visited the material
operations of Pershing Gold Corp. No payment or
reimbursement was received for the related travel costs.
Analyst certification
The research analyst whose name appears on this report hereby
certifies that the opinions and recommendations expressed
herein accurately reflect his personal views about the securities,
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Definitions of recommendations
BUY: The stock is attractively priced relative to the company’s
fundamentals and we expect it to appreciate significantly from
the current price over the next 6 to 12 months.
BUY (Speculative): The stock is attractively priced relative
to the company’s fundamentals, however investment in the
security carries a higher degree of risk.
HOLD: The stock is fairly valued, lacks a near term catalyst, or
its execution risk is such that we expect it to trade within a
narrow range of the current price in the next 6 to 12
months. The longer term fundamental value of the company
may be materially higher, but certain milestones/catalysts have
yet to be fully realized.
SELL: The stock is overpriced relative to the company’s
fundamentals, and we expect it to decline from the current
price over the next 6 to 12 months.
TENDER: We believe the offer price by the acquirer is fair
and thus recommend investors tender their shares to the offer.
UNDER REVIEW: We are temporarily placing our
recommendation under review until further information is
Member-Canadian Investor Protection Fund.
Customers' accounts are protected by the Canadian Investor
Protection Fund within specified limits. A brochure describing
the nature and limits of coverage is available upon request.

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