When rescued, the Pirate will ask the player to complete a quest that requires gathering amulet parts from three pre-hardmode bosses. The quest can be started by clicking on the "Quest" button after freeing the Pirate. The Pirate will tell the player about the quest to retrieve his lost amulet, and give the player information on where to find it.
After the quest has been completed, the Pirate will reward the player with 6 Royal Weapon Parts.