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Centerra Gold Records Net Earnings from Continuing Operations of $33.0 million or $0.11 per Common Share, Adjusted Net Earnings from Continuing Operations NG of $49.9 million or $0.17 per Common Share, Net Loss of $851.7 million or $2.87 per Common Share, Adjusted Net

Financials

NEWS RELEASE

Centerra Gold Records Net Earnings from Continuing Operations of $33.0 million or $0.11 per Common Share, Adjusted Net Earnings from Continuing Operations NG of $49.9 million or $0.17 per Common Share, Net Loss of $851.7 million or $2.87 per Common Share, Adjusted Net EarningsNG of $78.3 million or $0.26 per Common Share, Cash provided by Operating Activities from Continuing Operations of $60.3 million and Free Cash Flow from Continuing OperationsNG of $30.7 million.

All figures are in United States dollars and all production figures are on a 100% basis and continuing operations basis unless otherwise stated. This news release contains forward looking information regarding Centerra Gold’s business and operations. See “Caution Regarding Forward-Looking Information”. All references in this document denoted with NG indicate a non-GAAP term which is discussed under “Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.

Toronto, Canada, August 10, 2021: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its second quarter 2021 results. As a result of the seizure of the Kumtor Mine and the continuing actions by the Kyrgyz Republic, the Company has recognized a loss on the change of control and included the Kumtor Mine in discontinued operations. The Company’s results from continuing operations include the Mount Milligan Mine, the Öksüt Mine and the Molybdenum Business Unit.

Significant financial and operating highlights of the second quarter include:

  • Earnings from continuing operations and adjusted net earnings from continuing operationsNG of $33.0 million or $0.11 per common share (basic), and $49.9 million or $0.17 per common share (basic), respectively.
  • Net loss and adjusted net earningsNG of $851.7 million or $2.87 loss per common share (basic), and $78.3 million or $0.26 per common share (basic), respectively. Net loss includes net loss from discontinued operations of $884.7 million.
  • Cash flow provided by operating activities from continuing operations and free cash flow from continuing operationsNG of $60.3 million and $30.7 million, respectively. Cash provided by operating activities from discontinued operations and net cash flow from discontinued operations were $77.1 million and $49.7 million, respectively.
  • Cash position at quarter-end of $882.9 million with total liquidity of $1,282.9 million.
  • Consolidated production from continuing operations of 69,854 ounces of gold and 19.8 million pounds of copper.
  • Kumtor Mine was seized by the Kyrgyz Republic Government on May 15, 2021 under the pretext of groundless corruption, tax, environmental and other claims. These unjustified actions by the Kyrgyz Republic government, including the appointment of external manager, continued during

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the quarter. In response, the Company and its Kumtor subsidiaries have commenced legal proceedings against the Kyrgyz Republic, Kyrgyzaltyn JSC (“Kyrgyzaltyn”) and others, including international arbitration, Chapter 11 proceedings before the U.S. Bankruptcy Court and a proceeding in the Ontario Superior Court of Justice.

  • Mount Milligan process plant achieved record throughput of 5.6 million tonnes, or 61,848 tonnes per day in the second quarter.
  • Gold production costs and copper production costs from continuing operations were $593 per ounce and $1.41 per pound, respectively.
  • All-in sustaining costs on a by-product basisNG from continuing operations and All-in costs on a by-product basisNG from continuing operations were $676 per ounce and $851 per ounce, respectively.
  • Continuing focus on safety of our employees, contractors and local communities. The Öksüt Mine achieved one million work hours without a Lost Time Injury. Vaccination clinics have been set up for employees and contractors at the Mount Milligan Mine and Öksüt Mine, with second vaccination doses provided to 64% and 55% of site employees, respectively.
  • On track to achieve 2021 production and cost guidance at the Mount Milligan Mine and the Öksüt Mine with the revised consolidated free cash flow guidance of $125 to $175 million, including free cashflow from continuing operationsNG of $30.7 million in the second quarter of 2021.
  • Quarterly Dividend declared of CAD$0.07 per common share.

As a result of the seizure of the Kumtor Mine by the Kyrgyz Republic Government on May 15, 2021, and the continuing actions by the Kyrgyz Republic, the Company has updated its consolidated full-year 2021 guidance and three-year outlook to exclude the Kumtor Mine. Highlights of the Company’s revised consolidated guidance include:

  • Gold production:
    • 2021: 270,000 to 310,000 ounces.
    • 2022: 380,000 to 430,000 ounces.
    • 2023: 380,000 to 430,000 ounces.
  • Copper production:

2021: 70 to 80 million pounds.

•

  • 2022: 90 to 100 million pounds.
  • 2023: 70 to 80 million pounds.
  • Gold production costs per ounce:
  • 2021: $625 to $675 per ounce
  • 2022: $550 to $600 per ounce
  • 2023: $575 to $625 per ounce
  • All-in sustaining costs on by-product basisNG per ounce:
  • 2021: $750 to $800 per ounce 2022: $450 to $500 per ounce

•

  • 2023: $525 to $550 per ounce

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Commentary

Scott Perry, President and Chief Executive Officer of Centerra stated, “During the second quarter we continued to demonstrate positive safety performance as the Öksüt mine achieved one million work hours without a Lost Time Injury. Across the organization we continue to stay vigilant with respect to the COVID-19 virus. At both our Mount Milligan and Öksüt Mines vaccination clinics have been set up for employees and contractors, with second vaccination doses having been provided to 64% and 55% of site employees, respectively, through the Company’s vaccination program. We are proactively maintaining our rigorous safety protocols across the organization to prevent any outbreaks and reduce the spread of the COVID-19 virus for the health and safety of our employees, contractors, communities and other stakeholders.”

“As we have previously disclosed, the Kyrgyz Republic Government seized control of the Kumtor Mine based on false and misleading allegations. While the Company remains the rightful owner of Kumtor Gold Company (“KGC”), our 100% owned subsidiary that holds the Kumtor mine, we cannot effectively exercise power over any relevant activities or affect the returns of the Kumtor Mine. Therefore, in the second quarter we have derecognized the assets and liabilities of KGC in the statement of financial position and recorded a loss on the change of control of $926.4 million in the Statement of Earnings. The results from the Kumtor Mine are presented as a discontinued operation and the Company’s consolidated results exclude the Kumtor Mine’s.”

“The situation involving our Kumtor asset does not impact Centerra’s other operations and businesses. In the second quarter Company-wide gold production from continuing operations was 69,854 ounces at all-in sustaining costsNG on a by-product basis of $676 per ounce. The Mount Milligan Mine achieved record throughput of 5.6 million tonnes, or 61,848 tonnes per day, producing 54,675 ounces of gold and 19.8 million pounds of copper at all-in sustaining costsNG on a by-product basis of $486 per ounce, making it our lowest cost producer in the quarter. The Öksüt Mine produced 15,179 ounces of gold at all-in sustaining costsNG on a by-product basis of $947 per ounce.”

“Financially, the Company generated $60.3 million of cash from continuing operations Company-wide for the second quarter of 2021, which includes $73.6 million from the Mount Milligan Mine and $8.1 million from the Öksüt Mine. Company-wide free cash flow from continuing operationsNG in the second quarter of 2021 totalled $30.7 million, including $50.4 million from the Mount Milligan Mine and $1.6 million from the Öksüt Mine. Cash provided by operating activities from discontinued operations of $77.1 million and net cash flow from discontinued operations of $49.7 million. We finished the quarter with a debt free balance sheet and a cash position of $882.9 million.”

“Based on the Company’s financial position, strong operating results and cash flows, the Board approved on August 9, 2021, a quarterly dividend of CAD$0.07 per share.”

“As a result of the seizure of the Kumtor Mine by the Kyrgyz Republic Government, the Company has updated its consolidated full-year 2021 guidance and three-year outlook to exclude the Kumtor Mine. For 2021, we are estimating consolidated gold production to be in the range of 270,000 to 310,000 ounces and 70 to 80 million pounds of copper production. Centerra’s consolidated all-in sustaining cost on a by-product basisNG for 2021 is expected to be in the range of $750 to $800 per ounce. In our three-year outlook, the gold production profile in 2022 and 2023 increases to 380,000 to 430,000 ounces, respectively, with all-in

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sustaining cost on a by-product basisNG for 2022 expected to be in the range of $450 to $500 per ounce and in 2023 expected to be in the range of $525 to $550 per ounce.”

“While we continue to seek resolution to the Kumtor Mine dispute, our Company continues to be financially and operationally strong. We remain on track to achieve 2021 production and cost guidance at our Mount Milligan and Öksüt Mines, and the Company is expected to generate consolidated free cash flow from continuing operations of $125 to $175 million in 2021. The Company’s guidance for consolidated free cash flow from continuing operations excludes net cash flow from discontinued operations. Net cash flow from discontinued operations was $47.8 million for the first half of 2021.”

“Although we continue to pursue all measures necessary to protect the Company’s rights related to the Kumtor Mine, in arbitration and in other legal proceedings, the Company has consistently stated that it remains willing and available to engage with the Kyrgyz Government in a constructive dialogue on the matters it considers to be the subject of dispute.”

Kyrgyz Republic Update

In February 2021, the Kyrgyz Republic Parliament established the State Commission to, among other things, review the performance of the Kumtor Mine and to review the results of a previous 2012 Kyrgyz Republic state commission. The State Commission made voluminous and urgent document requests and inquiries of Kumtor to which the Company dutifully responded. While the work of the State Commission was ongoing and causing an enormous administrative burden on the Company and putting pressure and stress on its employees, the Kyrgyz Republic took a series of actions to undermine the basis on which the Kumtor Mine had been operated (further described below) in an attempt to create a pretext for its subsequent seizure of the Kumtor Mine.

In early March 2021, the Government of the Kyrgyz Republic resurrected a number of historical tax claims relating to Kumtor, each of which was resolved years ago either through previous settlements or Kyrgyz court decisions. When the Company disclosed such claims in March 2021, the amounts claimed by the Kyrgyz Republic were estimated to be approximately $352 million, including taxes, interest and penalties. However, the Company’s understanding is now that the Kyrgyz officials may have subsequently increased the amounts claimed to over $1 billion.

On May 7, 2021, a Kyrgyz Republic court ruled against KGC in a civil case brought by four Kyrgyz Republic private citizens seeking a determination that KGC’s past practice of placing waste rock on glaciers was illegal. The court awarded damages of over $3 billion in favour of the Kyrgyz Republic.

In early May 2021, the Kyrgyz Republic Parliament passed a temporary management law that would allow the Kyrgyz Republic to assume management authority over KGC in certain circumstances. On May 15, 2021, the Kyrgyz Government effectively seized control of the Kumtor Mine by sending state security services to the mine, KGC’s office in Bishkek and the homes of several KGC employees. The seizure was formalized on May 17, 2021 when the Kyrgyz Government appointed an external manager for the Kumtor Mine following an extraordinary session of the Kyrgyz Republic Parliament. During that session, the State Commission provided its preliminary report and made a number of false and meritless allegations against KGC, including claims related to corruption, environmental damage and taxation payments, and the Kyrgyz Parliament recommended the Kyrgyz Government appoint an external manager under the temporary management law. The Kyrgyz Government subsequently appointed Mr. Tengiz Bolturuk as the external

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manager of the Kumtor Mine later that day. Consequently, Centerra is no longer in control of the Kumtor Mine and can no longer ensure the safety of the mine’s employees or operations.

Centerra and its Kumtor-related subsidiaries have taken a number of measures in response to the Kyrgyz Republic’s unjustified and illegal seizure of the Kumtor Mine, including but not limited to:

  • Initiating binding arbitration against the Kyrgyz Republic and Kyrgyzaltyn, the state-owned mining company and gold refining monopoly, to enforce Centerra’s rights under longstanding agreements governing the Kumtor Mine and to, among other things, hold the Kyrgyz Republic Government and Kyrgyzaltyn accountable for any and all losses and damage that result from its actions against KGC and the Kumtor Mine.
  • Restricted Kyrgyzaltyn from transferring or encumbering any common shares of the Company or exercising any voting rights or dissent rights attached to Centerra common shares. In addition, dividends or distributions on Centerra common shares that would otherwise be payable to Kyrgyzaltyn or its affiliates are waived and will be donated to the Company to the extent such dividends or distributions can be attributed reasonably to KGC (or the Kumtor Mine’s assets or operations) or distributions from KGC.
  • Initiating proceedings in the Ontario Superior Court of Justice against Centerra’s former director, Tengiz Bolturuk, who resigned from the Company’s Board to assume control of the Kumtor Mine on behalf of the Kyrgyz Republic as external manager in breach of his fiduciary duties to the Company.
  • Filed for protection under Chapter 11 of the federal U.S. Bankruptcy Code in the Southern District of New York (KGC and Kumtor Operating Company (“KOC”)). The court-supervised process provides, among other things, for a worldwide automatic stay of all claims against KGC and KOC, which the Company hopes will deter the Kyrgyz Republic from taking further precipitous action against KGC, its assets and its creditors and other stakeholders, including actions to enforce the meritless Kyrgyz court judgments in respect of “environmental” damages and tax claims.
  • Continued outreach through various avenues to encourage the leadership of the Kyrgyz Republic to engage in a dialogue to attempt to resolve these disputes.

The Company believes that the actions of the Kyrgyz Republic authorities described above were part of a concerted effort to coerce Centerra to give up economic value in or ownership of the Kumtor Mine and to falsely justify a nationalization of the Kumtor Mine.

As the Company has noted many times, the 2009 Kumtor Project Agreements provide a solid foundation for Kumtor’s operations and were approved by the Kyrgyz Republic Parliament and Constitutional Court in 2009. Those agreements were re-affirmed by the Government of the Kyrgyz Republic in 2017 when it entered into the Strategic Agreement which was completed and became fully effective in 2019. Until the seizure of the mine by the Kyrgyz Government in May 2021, KGC’s operations and activities had always carefully adhered to those agreements and applicable laws, including with regard to the annual mine plans approved by (among others) Kyrgyz state agencies responsible for environment and safety. Furthermore, the Strategic Agreement included a release of the Company and KGC by the Kyrgyz Government of all

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outstanding claims at such time, including damages for harm allegedly caused to the environment from storing production tails (e.g. waste rock) on glaciers.

The Kumtor Mine’s environmental performance prior to its seizure by the Kyrgyz Government adhered to international standards, including those of the European Bank for Reconstruction and Development, and had been audited multiple times by, among others, the Kyrgyz Government’s own environmental consultant, AMEC Foster Wheeler.

While Centerra will continue to pursue all measures necessary to protect its rights in arbitration and in other legal proceedings, the Company has consistently stated that it remains willing and available to engage with the Kyrgyz Government in a constructive dialogue on the matters it considers to be the subject of dispute. Unfortunately, the Kyrgyz Government has provided no official response to the Company’s direct and indirect outreach. No assurances can be given that Centerra will be successful in any of the foregoing legal proceedings or that the Company will be able to negotiate a solution that will not have a material impact on Centerra. There remains the further risk that additional regulatory, tax, or civil claims will be commenced against KGC or the Company.

Although the Company remains the rightful legal owner of KGC, it cannot effectively exercise power over any relevant activities or affect the returns of the Kumtor Mine. As a result of the loss of control, the Company has deconsolidated the results of the Kumtor Mine, recognizing a loss on the change of control of $926.4 million in the second quarter of 2021, ascribed no value to the Company’s interest in KGC and is accounting for the Kumtor Mine as a discontinued operation. Accordingly, the consolidated results from the Company’s continuing operations exclude Kumtor Mine’s operations for all periods presented (including comparative periods), unless otherwise noted.

The figures related to the Kumtor and Kyrgyzaltyn presented in this document (including Centerra’s management’s discussion and analysis for the three and six months ended June 30, 2021) and Centerra’s condensed consolidated interim financial statements and the notes thereto for the three and six months ended June 30, 2021 (“Interim Financial Statements”) are accounting figures and do not represent the potentially recoverable damages based on legal claims asserted by the Company and certain subsidiaries arising from the loss of control of the Kumtor Mine. Nothing in this document or the Interim Financial Statements shall act as a waiver of any rights or claims the Company and its subsidiaries may have in connection with the Kumtor Mine.

British Columbia, Canada (“BC”) Fires Update

Recent record high temperatures and dry conditions in BC have led to an increase in forest fires in the province, which may pose a risk to the health and safety of our employees, contractors and the communities in which we operate. Such conditions have potential to disrupt shipments of supplies to the mine site, operation of the mine and transportation of concentrate from the Mount Milligan Mine. To date, the only disruption experienced is related to the movement of concentrate via rail through the province of BC. The Company is working with the Canadian National Railway (“CN”) to try to mitigate the impact of any such delays.

The CN truss bridge near the town of Lytton, BC, a key route for the Mount Milligan Mine’s concentrate shipments, sustained fire damage which affected traffic on the route. CN has since repaired the damage. Despite some disruption to rail traffic, nineteen railcars of the Mount Milligan Mine’s concentrate were

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released and arrived in the Port of Vancouver in mid-July and were subsequently loaded on a vessel as planned.

There are currently no highly visible forest fires in the vicinity of the mine and the Company does not believe the forest fires pose a risk of disruption to the mine at this time. However, for the health and safety of our employees and contractors, the Company has an evacuation strategy in place, including four buses that remain on standby for evacuation purposes and 40 mine rescue team members trained in wildland firefighting techniques. The Mount Milligan Mine also has a weather station on site and receives regular updates from the BC Wildfire Service to monitor this evolving situation closely.

As of date of this release, the Company does not expect an impact on the 2021 production or cost guidance for the Mount Milligan Mine as a result of the fires, however this is subject to change pending any change in the status of the forest fires and their potential to disrupt the logistics of our operations.

COVID-19 Update

Centerra continues to prioritize the health, safety and well-being of its employees, contractors, communities, and other stakeholders during the current outbreak of COVID-19 and to take steps to minimize the effect of the pandemic on its business. The Company has established strict COVID-19 protocols at its mine sites to help prevent infection and reduce the potential transmission of COVID-19. Vaccination clinics have been set up for employees and contractors at the Mount Milligan Mine and the Öksüt Mine, with second vaccination doses provided to 64% and 55% of site employees, respectively. COVID-19 vaccination rates continue to rise in the communities and countries in which the Company operates with significant portions of the population in Canada and Turkey having received two vaccination doses. Although immunization rates continue to climb, the Company, its mine sites and offices are currently maintaining their COVID-19 protocols.

Centerra continues to assess the resiliency of its supply chains, maintaining increased mine site inventories of key materials. The Company implemented travel restrictions and temporarily closed or limited office capacity at its various administration offices, including its head office in Toronto. The Company is planning to open its head office in Toronto in September 2021 for those employees who want to return to the office and is currently developing a hybrid workplace policy (work from office and home) for implementation in 2022. Other offices and various administration offices at the mine sites are open with office capacity limits in place and remain flexible and empathetic to the needs of employees to ensure that the health, safety and wellness of our employees remain top priorities.

Neither the Mount Milligan Mine nor the Öksüt Mine has been materially affected by COVID-19 as employee absences due to COVID-19 and other illnesses have so far been successfully managed. The Company notes that the effects of COVID-19 on its business continue to change rapidly. All measures enacted to date reflect the Company’s best assessment at this time but will remain flexible and will be revised as necessary or advisable and/or as recommended by public health and governmental authorities.

Exploration Update

Exploration activities in the second quarter of 2021 included drilling, surface sampling, geological mapping and geophysical surveying at the Company’s various projects and earn-in properties, targeting gold and

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copper mineralization in Canada, Turkey, Finland and USA. Until May 15, 2021, the Company also conducted exploration activities in the Kyrgyz Republic.

New projects have been initiated in Turkey at the 100% Centerra owned Karataş Project in eastern Turkey and in the Nechako Plateau area of northcentral British Columbia at the 100% Centerra owned Lucas North Project.

Exploration expenditures at the Company’s continuing operations were $7.6 million in the second quarter of 2021 compared to $4.1 million in the same quarter of 2020. The increase in exploration expenditures was primarily due to expanded drilling programs at the Mount Milligan Mine in Canada, the Öksüt Mine and the Sivritepe Project in Turkey, and drilling activities performed at our U.S joint ventures.

Selected drill program results and intercepts are highlighted in the supplementary data at the end of this news release. The drill collar locations and associated graphics are available at the following link:

http://ml.globenewswire.com/Resource/Download/2d207407-3f8e-4fca-a118-837afc222be2

About Centerra Gold

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide. Centerra operates two mines, the Mount Milligan Mine in British Columbia, Canada, the Öksüt Mine in Turkey and the Molybdenum Business Unit in the United States. The Company owns the Kumtor Mine in the Kyrgyz Republic, which is currently not under the Company’s control. Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG and on the New York Stock Exchange (NYSE) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

Conference Call

Centerra invites you to join its 2021 second quarter conference call on Tuesday, August 10, 2021 at 9:00 AM Eastern Time. The call is open to all investors and the media. To join the call, please dial toll-free in North America: +1 (877)-329-6284. International participants may access the call at: : +1 (212)-231-2903. Results summary presentation slides are available on Centerra Gold’s website at www.centerragold.com. Alternatively, an audio feed webcast will be broadcast live by Intrado and can be accessed live at Centerra Gold’s website at www.centerragold.com. A recording of the call will be available on www.centerragold.com shortly after the call and via telephone until midnight Eastern Time on August 17, 2021 by calling: +1 (416) 626-4100 or 1 (800) 558-5253 and using passcode 21995606.

For more information:

John W. Pearson Vice President, Investor Relations Centerra Gold Inc.

(416) 204-1953 [email protected]

Additional information on Centerra Gold is available on the Company’s web site at

www.centerragold.com and at SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.

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Management’s Discussion and Analysis For the Period Ended June 30, 2021

This Management Discussion and Analysis (“MD&A”) has been prepared as of August 9, 2021 and is intended to provide a review of the financial position and results of operations of Centerra Gold Inc. (“Centerra” or the “Company”) for the three and six months ended June 30, 2021 in comparison with the corresponding period ended June 30, 2020. This discussion should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and the notes thereto for the three and six months ended June 30, 2021 prepared in accordance with International Financial Reporting Standards (“IFRS”). This MD&A should also be read in conjunction with the Company’s audited annual consolidated financial statements for the years ended December 31, 2020 and 2019, the related MD&A and the Annual Information Form for the year ended December 31, 2020 (the “2020 Annual Information Form”). The Company’s unaudited condensed consolidated interim financial statements and the notes thereto for the three and six months ended June 30, 2021, the 2020 Annual Report and the 2020 Annual Information Form are available at www.centerragold.com, on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on the Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) www.sec.gov/edgar. In addition, this discussion contains forward looking information regarding Centerra’s business and operations. Such forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. See “Caution Regarding Forward-Looking Information” in this discussion. All dollar amounts are expressed in United States dollars (“USD”), except as otherwise indicated. All references in this document denoted with NG indicate a non-GAAP term which is discussed under “Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.

Caution Regarding Forward-Looking Information

Information contained in this document which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: statements regarding 2021 Guidance and the three-year outlook, including outlook on production (including the timing thereof), cost, free cash flow and capital spend in 2021 and production and costs in 2022 and 2023, and the assumptions used in preparing such guidance and outlook, including those discussed under “2021 Material Assumptions”; the impact of the seizure of the Kumtor Mine on the Company’s other operations and businesses; the outcome of arbitration and other proceedings initiated by the Company regarding the unlawful seizure by the Kyrgyz Government of the Kumtor Mine in May, 2021, or the outcome or effect of the legacy environmental and tax disputes and criminal investigations relating to the Kumtor Mine or the outcome of any future discussions or negotiations to resolve any or all of the disputes relating to the Kumtor Mine; possible impacts to operations relating to COVID-19; Company’s expectations regarding ongoing forest fires in British Columbia, Canada not posing a risk of disruption of, or having an impact on the 2021 production or cost guidance for the Mount Milligan Mine; the Company’s expectation regarding having sufficient water at the Mount Milligan Mine

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in the medium term and for its targeted throughput and its plans for a long term water solution; expectations regarding planned mill maintenance shutdowns at Mount Milligan in the second half of 2021 and the impact of Mount Milligan’s continuous improvement projects, including staged flotation reactors; expectations regarding the receipt of a forestry permit for the Öksüt Mine, plans to access the Güneytepe deposit in 2022, the expected construction of the Öksüt Mine’s heap leach facility and its ability to accommodate 2022 production and planned heap leach recovery rates at the Öksüt Mine; the Company’s expectations of adequate liquidity for 2021; and expectations regarding contingent payments to be received from the sale of Greenstone Gold Mine Partnership.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in Turkey and Canada; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the risks related to outstanding litigation affecting the Company, including the potential failure to negotiate a mutually acceptable outcome of disputes relating to the Kumtor Mine; risks that an arbitrator will reject the Company’s claims against the Kyrgyz Republic and/or Kyrgyzaltyn JSC (“Kyrgyzaltyn”)or that such claims may not be practically enforceable against the Kyrgyz Republic and/or Kyrgyzaltyn; risks related to the continued imposition by the Kyrgyz Government of external management on KGC or the prolongation of such external management, including risks that the external manager materially damages the Kumtor Mine’s operations; the ongoing failure of the Kyrgyz Republic Government to comply with its continuing obligations under the investment agreements governing the Kumtor Mine and not take any expropriation action against the Kumtor Mine; risks that the Kyrgyz Government undertake further unjustified civil or criminal action against the Company, its affiliates or its current or former employees; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian and Turkish individuals and entities; potential defects of title in the Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally- priced sales contracts for production at the Mount Milligan Mine, reliance on a few key customers for the gold-copper concentrate at the Mount Milligan Mine, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from pursuing certain business activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the stability of the pit walls at our operations; the risk of

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having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; the risk of forest fires in BC disrupting or otherwise impacting the Mount Milligan Mine; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collective agreements when required; the risk that Centerra’s workforce and operations may be exposed to widespread epidemic including, but not limited to, the COVID-19 pandemic; seismic activity and wildfires in the vicinity of the Company’s properties; long lead times required for equipment and supplies given the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of the Company to address physical and transition risks from climate change and sufficiently manage stakeholder expectations on climate-related issues; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. For additional risk factors, please see section titled “Risk Factors” in the Company’s most recently filed Annual Information Form available on SEDAR at www.sedar.com and EDGAR www.sec.gov/edgar.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information is as of August 9, 2021. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

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TABLE OF CONTENTS

Overview .................................................................................................................................................... 13 Recent Events and Developments ............................................................................................................ 14 Overview of Consolidated Financial and Operating Results ................................................................ 20 Overview of Consolidated Results ........................................................................................................... 21 Outlook ...................................................................................................................................................... 24 Financial Performance ............................................................................................................................. 32 Balance Sheet Review ............................................................................................................................... 34 Financial Instruments ............................................................................................................................... 37 Operating Mines and Facilities ................................................................................................................ 38 Discontinued Operations .......................................................................................................................... 47 Quarterly Results – Previous Eight Quarters ........................................................................................ 48 Related party transactions ....................................................................................................................... 48 Contingencies............................................................................................................................................. 49 Accounting Estimates, Policies and Changes ......................................................................................... 50 Disclosure Controls and Procedures and Internal Control Over Financial Reporting ...................... 50 Non-GAAP Measures ............................................................................................................................... 51 Qualified Person & QA/QC – Non-Exploration (including Production information) ........................ 57

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