CG.TO · 2017-02-23 12:00:00

Increase to 16 Million Contained Ounces

Resource Estimates

1 University Avenue, Suite 1500

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NEWS RELEASE

Centerra Gold 2016 Year-End Gold Mineral Reserves

Increase to 16 Million Contained Ounces

This news release contains forward-looking information that is subject to the risk factors and assumptions set out on

page 8 and in our Cautionary Note Regarding Forward-l ooking Information on page 11 . At Mount Milligan mineral

reserves and mineral resources are presented on a 100% basis. Sales of gold and copper from the Mount Milligan mine

fall under a streaming arrangement whereby Royal Gold Inc. is entitled to 35% an d 18.75% of gold and copper sales,

respectively. All figures are in United States dollars.

Toronto, Canada, February 23, 2017: Centerra Gold Inc. (TSX: CG) today issued its 2016 year-end

estimates for mineral reserves and mineral resources.

Highlights:

 Centerra’s proven and probable gold mineral reserves increased to 16 million ounces of contained

gold (673.4 million tonnes (Mt) at 0.7 g/t gold) from 8.4 million contained ounces (112.5 Mt at 2.3 g/t

gold) a year ago.

 At Centerra’s 100% owned Mount Milligan mine in north central British Columbia, Canada, proven

and probable mineral reserves are estimated to be 5.8 million ounces of contained gold and 2,049

million pounds of contained copper (496.2 Mt at 0. 4 g/t gold and 0.187% copper at an NSR cut-off of

$8.12 per tonne). The Company plans to complete and file a new NI 43-101 technical report on the

Mount Milligan mine by the end of March 2017.

 At Centerra’s 50% owned Greenstone Gold Project in Canada, the Company announced the

completion of the feasibility study for the Hardrock Project in November 2016. As a result of this

study, measured and indicated mineral resources on the Hardrock open pit were upgraded to an

estimated probable mineral reserve of 70.9 milli on tonnes at 1.0 g/t gold containing 2.3 million

ounces of gold (Centerra’s 50% share) at a cut-off grade of 0.33 g/t gold.

Scott Perry, CEO of Centerra Gold said: “In 2016, with the acquisition of Thompson Creek Metals Company

Inc. and adding the Mount Milligan mine to our operati ng platform we have significantly added to our gold

mineral reserves and now for the first time include c opper mineral reserves. At the Company’s 50% owned

Greenstone Gold Property, in Canada, the mineral res ources were successfully converted to mineral reserves

with the bankable feasibility study on the Hardrock Project released in November, which also contributed to

the increase in our total gold mineral reserves to an estimated 16 million ounces of contained gold.”

Year-end Gold Mineral Reserves and Mineral Resources

Mineral Reserves

At the end of 2016, Centerra’s estimated proven and probable gold mineral reserves increased by 7.6 million

contained ounces, after accounting for processing of 696, 000 contained ounces in 2016. Centerra’s proven

and probable mineral reserves now total an estimated 16.0 million ounces of contained gold (673.4 Mt at 0.7

g/t gold), compared to 8.4 million contained ounces (112.5 Mt at 2.3 g/t gold) as of December 31, 2015. The

mineral reserve increase is primarily a result of the addition of Mount Milligan mineral reserves after the

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Company closed the acquisition of Thompson Creek Metals Company Inc. on October 20, 2016 and the

completion of the feasibility study on the Hardrock Project where mineral resources were upgraded to mineral

reserves in November 2016. The 2016 year-end mineral re serves have been verified and estimated using a

gold price of $1,200 per ounce.

At the Kumtor mine, in the Kyrgyz Republic, proven and probable gold mineral reserves decreased by

511,000 contained ounces, after accounting for processi ng of 696,000 contained ounces in 2016. In 2016

mineral reserves decreased primarily due to mining depl etion and, as a result Kumtor’s proven and probable

mineral reserves now total an estimated 5.1 million ounces of contained gold (63.1 Mt at 2.5 g/t gold) at the

end of December 2016, compared to 5.6 million contained ounces (69.2 Mt at 2.5 g/t gold) as of December

31, 2015.

In Canada, at the Mount Milligan mine, proven and pr obable mineral reserves to tal 5.8 million ounces of

contained gold (496.2 Mt at 0.4 g/t gold) at the end of December 2016. With the completion of the feasibility

study for the Hardrock Project at the Company’s 50% owned Greenstone Gold Project measured and

indicated mineral resources on the Hardrock open pit we re upgraded to an estimated probable mineral reserve

of 2.3 million ounces of contained gold (70.9 Mt at 1.0 g/t gold) (Centerra’s 50% share).

In Mongolia, at the Gatsuurt Project proven and pr obable mineral reserves are unchanged from 2015 and are

estimated to be 1.6 million contained ounces of gold (17.1 Mt at 2.9 g/t gold).

In Turkey, at the Öksüt Project, the proven and pr obable mineral reserves are unchanged from 2015 summary

and contain an estimated 1.2 million ounces of gold (26.1 Mt at 1.4 g/t gold).

Mineral Resources

As of December 31, 2016, Centerra’s measured and in dicated gold mineral resources, net of gold mineral

reserves, increased by 3.2 million contained ounces to an estimated total of 7.4 million ounces of contained

gold (330.0 Mt at 0.7 g/t gold) compared to the December 31, 2015 estimate. The change is primarily a result

of the acquisition of Mount Milligan which added 1.8 million contained ounces of gold and the addition of

1.4 million contained ounces of gold (Centerra’s 50% share) at the Greenstone Gold Property.

The 2016 year-end mineral resource estimates for the Ök süt Project in Turkey, Boroo, Gatsuurt, ATO and

Ulaan Bulag properties in Mongolia are unchanged from 2015 year-end estimates.

On January 31, 2017, Centerra Gold’s Mongolian subs idiary, Centerra Gold Mongolia (CGM) entered into

definitive agreements to sell the ATO Project, located in Eastern Mongolia, to Steppe Gold LLC and Steppe

Gold Limited for gross proceed of $19,800,000. CGM has received $800,000 upon signing of the definitive

agreements and is expected to r eceive $9,000,000 at closing, which is scheduled to occur in the second

quarter of 2017, followed by tw o additional $5 million cash payments at the first anniversary and second

anniversary date of the closing of the transaction. The closing of the transaction is conditional upon Steppe

Gold Limited executing their financing plans which th e Company understands is scheduled to be completed

in mid-2017.

As of December 31, 2016, Centerra ’s inferred gold mineral resource estimate totals 5.8 million contained

ounces of gold (57.9 Mt at 3.1 g/t gold), an increase of 3.2 million contained ounces from December 31,

2015. At Kumtor 3.4 million ounces of gold (14.5 Mt at 7.3 g/t gold) are contained within the estimated

underground inferred mineral resources in the SB, Saddle a nd Stockwork Zones. This increase of 1.7 million

contained ounces in the 2016 year-end inferred underg round mineral resource estimate is due to a

reinterpretation of mineralized structures and their along strike and down dip extents. Additionally, a lower

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cut-off grade of 4.9 g/t gold was used at 2016 year-end compared to 6.0 g/t gold cut-off used for estimation at

December 31, 2015. In addition 1.4 million contai ned ounces (Centerra’s 50% share) of open pit and

underground inferred gold mineral resources were added to the inferred mineral resource category at the

Greenstone Gold Property in 2016.

Year-end Copper Mineral Reserves and Mineral Resources

Mineral Reserves

At the end of 2016, Centerra’s proven and probable copper mineral reserves total an estimated 2,049 million

pounds of contained copper (496.2 Mt at 0.187% copper). The copper mineral reserves are located at the

Company’s Mount Milligan mine which was acquired with the acquisition of Thompson Creek Metals

Company Inc. on October 20, 2016. The copper mine ral reserves have been estimated based on a copper

price of $2.95 per pound and an NSR cut-off of $8.12 pe r tonne, which takes into consideration metallurgical

recoveries, concentrate grades, transportation costs, smelter treatment charges and royalty and streaming

arrangements in determining economic viability.

Mineral Resources

As of December 31, 2016, Centerra’s measured and indicated copper mineral resources, net of mineral

reserves, total an estimated 4,076 million pounds of contained copper (749.9 Mt at 0.242% copper). The

copper mineral resources are located at the Mount Milligan mine and the Berg Property, located in Canada.

At Mount Milligan, in British Columbia, Canada, measured and indicated mineral resources total an estimated

718 million pounds of contained copper ( 243.9 Mt at 0.133% copper) at th e end of December 2016 and have

been estimated based on a copper price of $3.50 per poun d. The open pit mineral resources are constrained

by a pit shell and are estimated based on an NSR cut-o ff of $8.12 per tonne, which takes into consideration

metallurgical recoveries, concentrate grades, transporta tion costs, smelter treatment charges and royalty and

streaming arrangements in determining economic viability.

At the Berg Property, in British Columbia, Canada, measured and indicated mineral resources total an

estimated 3,359 million pounds of contained copper (506.0 Mt at 0.301% copper) at the end of December

2016 and have been estimated based on a copper pri ce of $1.60 per pound. Th e unconstrained open pit

mineral resources have been estimated based on a 0.30% copper equivalent cut-off grade to a maximum depth

of 450 metres below surface.

As of December 31, 2016, Ce nterra’s inferred copper mineral resource estimate to tals 764 million pounds of

contained copper (155.6 Mt at 0.218% copper). This includes at Mount Milligan an estimated 31 million

pounds of contained copper (11.0 Mt at 0.125% copper) and at the Be rg Property an estimated 733 million

pounds of contained copper (144.6 Mt at 0.230% copper).

1 University Avenue, Suite 1500

Toronto, ON

M5J 2P1

tel 416-204-1953

fax 416-204-1954

www.centerragold.com

Table 1 (see additional footnotes page 7)

Centerra Gold Inc. 2016 Year-End Mineral Reserve and Mineral Resource Summary – Gold (1) (6)

(as of December 31, 2016)

Proven and Probable Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Mount Milligan (4) 256,847 0.4 3,503 239,362 0.3 2,257 496,210 0.4 5,760

Kumtor Open Pit 11,440 1.9 714 51,623 2.7 4,416 63,063 2.5 5,130

Gatsuurt - - - 17,129 2.9 1,603 17,129 2.9 1,603

Öksüt - - - 26,137 1.4 1,161 26,137 1.4 1,161

Hardrock Open Pit - - - 70,858 1.0 2,324 70,858 1.0 2,324

Total 268,287 0.5 4,217 405,109 0.9 11,760 673,396 0.7 15,978

Measured and Indicated Mineral Resources (2)

Measured Indicated Total Measured and Indicated

Property Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Mount Milligan (4) 76,622 0.3 657 167,311 0.2 1,112 243,933 0.2 1,769

Kumtor - Open Pit 16,568 3.0 1,616 12,062 2.6 1,007 28,631 2.8 2,623

Boroo 452 2.2 32 4,464 1.5 210 4,916 1.5 242

Gatsuurt - - - 5,098 2.4 398 5,098 2.4 398

Ulaan Bulag - - - 1,555 1.5 73 1,555 1.5 73

ATO (5) 9,663 1.5 465 8,920 1.1 306 18,583 1.3 771

Öksüt 2,100 0.7 45 4,698 0.7 111 6,798 0.7 156

Hardrock - Open Pit - - - 5,722 0.4 66 5,722 0.4 66

Hardrock – Underground - - - 6,846 3.9 860 6,846 3.9 860

Brookbank - Open Pit - - - 1,319 2.0 86 1,319 2.0 86

Brookbank – Underground - - - 926 7.2 215 926 7.2 215

Key Lake - Open Pit - - - 1,286 1.2 49 1,286 1.2 49

Key Lake – Underground - - - 16 6.5 3 16 6.5 3

Kailey - - - 4,315 1.0 133 4,315 1.0 133

Total 105,405 0.8 2,815 224,537 0.6 4,627 329,942 0.7 7,442

Inferred Mineral Resources (3)

Property Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Mount Milligan (4) 11,047 0.3 109

Kumtor - Open Pit 2,798 1.6 141

Kumtor - Underground 14,477 7.3 3,409

Boroo 7,323 1.0 235

Gatsuurt 5,475 2.5 440

Ulaan Bulag 315 1.3 13

ATO (5) 386 0.6 8

Öksüt 2,380 0.8 65

Hardrock - Open Pit 85 0.9 2

Hardrock - Underground 10,754 3.6 1,235

Brookbank - Open Pit 86 2.4 7

Brookbank - Underground 202 4.1 27

Key Lake - Open Pit 673 1.3 28

Key Lake - Underground 29 3.6 3

Kailey 1,844 1.0 58

Total 57,872 3.1 5,780

1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan

Bulag 100%, ATO 100%, Öksüt 100% and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%.

2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.

3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It

cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.

4) Royal Gold streaming agreement entitles Royal Gold to 35% of gold sales from the Mount Milligan mine. Under the stream arrangement,

Royal Gold will pay $435 per ounce of gold delivered.

5) As of January 31, 2017, Centerra Gold’s Mongolian subsidiary, Centerra Gold Mongolia (CGM) entered into definitive agreements to sell the

ATO Project, located in Eastern Mongolia, to Steppe Gold LLC and Steppe Gold Limited.

6) Numbers may not add up due to rounding.

1 University Avenue, Suite 1500

Toronto, ON

M5J 2P1

tel 416-204-1953

fax 416-204-1954

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Table 2 (see additional footnotes page 7)

Centerra Gold Inc. 2016 Year-End Mineral Reserve and Mineral Resource Summary - Other Metals (1) (6)

(as of December 31, 2016)

Property Tonnes

(kt)

Copper

Grade

(%)

Contained

Copper

(Mlbs)

Moly

Grade

(%)

Contained

Moly

(Mlbs)

Lead

Grade

(%)

Contained

Lead

(Mlbs)

Zinc

Grade

(%)

Contained

Zinc

(Mlbs)

Silver

Grade

(g/t)

Contained

Silver

(koz)

Proven Mineral Reserves

Mount Milligan (4) 256,847 0.187 1,059 - - - - - - - -

Probable Mineral Reserves

Mount Milligan (4) 239,362 0.188 991 - - - - - - - -

Total Proven and Probable Mineral Reserves

Mount Milligan (4) 496,210 0.187 2,049 - - - - - - - -

Measured Mineral Resources (2)

Mount Milligan (4) 76,622 0.109 184 - - - - - - - -

Berg 53,300 0.480 564 0.030 35 - - - - 4.50 7,711

Thompson Creek 34,300 - - 0.077 58 - - - - - -

Endako 10,100 - - 0.053 12 - - - - - -

ATO – Oxide (5) 3,677 - - - - - - - - 8.54 1,010

ATO - Sulphide (5) 5,986 - - - - 0.98 129 1.70 225 8.02 1,543

Indicated Mineral Resources (2)

Mount Milligan (4) 167,311 0.145 533 - - - - - - - -

Berg 452,700 0.280 2,794 0.038 379 - - - - 3.70 53,852

Thompson Creek 31,700 - - 0.068 48 - - - - - -

Endako 23,300 - - 0.047 24 - - - - - -

ATO - Oxide (5) 3,294 - - - - - - - - 7.16 758

ATO - Sulphide (5) 5,626 - - - - 0.80 100 1.45 179 8.52 1,541

Total Measured and Indicated Mineral Resources (2)

Mount Milligan (4) 243,933 0.133 718 - - - - - - - -

Berg 506,000 0.301 3,359 0.037 415 - - - - 3.78 61,563

Total Copper 749,933 0.242 4,076

Thompson Creek 66,000 - - 0.073 106 - - - - - -

Endako 33,400 - - 0.049 36 - - - - - -

ATO - Oxide 6,971 - - - - - - - - 7.89 1,768

ATO - Sulphide 11,612 - - - - 0.89 229 1.58 404 8.26 3,084

Inferred Mineral Resources (3)

Mount Milligan (4) 11,047 0.125 31 - - - - - - - -

Berg 144,600 0.230 733 0.033 105 - - - - - -

Total Copper 155,647 0.218 764

Thompson Creek 700 - - 0.035 1 - - - - - -

Endako 2,200 - - 0.039 2 - - - - - -

ATO - Oxide (5) 87 - - - - - - - - 5.01 14

ATO - Sulphide (5) 299 - - - - 1.03 7 2.31 15 5.83 56

1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Berg 100%, Thompson Creek 100%, Endako 75%,

and ATO 100%.

2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.

3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It

cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.

4) Royal Gold streaming agreement entitles Royal Gold to 18.75% of copper sales from the Mount Milligan mine. Under the stream arrangement,

Royal Gold will pay 15% of the spot price per metric tonne of copper delivered.

5) As of January 31, 2017, Centerra Gold’s Mongolian subsidiary, Centerra Gold Mongolia (CGM) entered into definitive agreements to sell the

ATO Project, located in Eastern Mongolia, to Steppe Gold LLC and Steppe Gold Limited.

6) Numbers may not add up due to rounding.

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M5J 2P1

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Table 3 - Centerra Gold Inc. (see additional footnotes page 7)

Reconciliation of Mineral Reserves and Mineral Resources (4) (9) (10) - Gold Contained (koz)

December 31

2015 (1)

2016

Throughput (2)

2016 Addition

(Deletion) (3)

December 31

2016

Proven and Probable Mineral Reserves

Mount Milligan - - 5,760 5,760

Kumtor Open Pit (5) 5,641 696 185 5,130

Gatsuurt (7) 1,603 - - 1,603

Öksüt (8) 1,161 - - 1,161

Hardrock Open Pit - - 2,324 2,324

Total 8,405 696 8,269 15,978

Measured and Indicated Mineral Resources

Mount Milligan - - 1,769 1,769

Kumtor - Open Pit (6) 2,564 - 59 2,623

Boroo 242 - - 242

Gatsuurt (7) 398 - - 398

Ulaan Bulag 73 - - 73

ATO 771 - - 771

Öksüt (8) 156 - - 156

Hardrock - Open Pit (6) - - 66 66

Hardrock - Underground - - 860 860

Brookbank - Open Pit - - 86 86

Brookbank - Underground - - 215 215

Key Lake - Open Pit - - 49 49

Key Lake - Underground - - 3 3

Kailey - - 133 133

Total 4,204 - 3,238 7,442

Inferred Mineral Resources (11)

Mount Milligan - - 109 109

Kumtor - Open Pit (6) 148 - (7) 141

Kumtor - Underground 1,663 - 1,746 3,409

Boroo 235 - - 235

Gatsuurt (7) 440 - - 440

Ulaan Bulag 13 - - 13

ATO 8 - - 8

Öksüt (8) 65 - - 65

Hardrock - Open Pit - - 2 2

Hardrock - Underground - - 1,235 1,235

Brookbank - Open Pit - - 7 7

Brookbank - Underground - - 27 27

Key Lake - Open Pit - - 28 28

Key Lake - Underground - - 3 3

Kailey - - 58 58

Total 2,573 - 3,207 5,780

(1) Mineral reserves and mineral resources as reported in Centerra’s Annual Information Form filed in March 2016.

(2) Corresponds to mill feed at Kumtor.

(3) Changes in mineral reserves or mineral resources, as applicable, are attributed to the acquisition of Thompson Creek Metals Inc., a feasibility study on the Hardrock Project,

information provided by drilling and subsequent reinterpretation and reclassification of mineral reserves or mineral resources.

(4) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Öksüt

100% and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%.

(5) Kumtor open pit mineral reserves include the Central Pit and the Southwest and Sarytor Pits.

(6) Kumtor open pit mineral resources include the Central Deposit, Southwest Deposit and Sarytor Deposit.

(7) Gatsuurt open pit mineral reserves and mineral resources include the Central Zone and Main Zone deposits.

(8) Öksüt open pit mineral reserves and mineral resources include the Keltepe and Guneytepe deposits.

(9) Centerra reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not incl ude those amounts identified as mineral reserves.

(10) Numbers may not add up due to rounding.

(11) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined ec onomically. It cannot be assumed that all or part of the

inferred mineral resources will ever be converted to a higher category.

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fax 416-204-1954

www.centerragold.com

Additional Footnotes for Tables 1, 2, 3

General

 Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.

 Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economi cally. It cannot be

assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.

 Changes in mineral reserves or mineral resources, as applicable , are attributed to information provided by drilling and subsequ ent reclassification of

mineral reserves or mineral resources.

 Numbers may not add up due to rounding.

 A conversion factor of 31.1035 grams per troy ounce of gold is used in the mineral reserve and mineral resource estimates.

 Centerra’s equity interests as of this news release are: Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Ök süt 100%,

Mt Milligan 100%, Thompson Creek 100%, Endako 75%, Berg 100%, Hardrock 50%, Brookbank 50%, Key Lake 50%, Kailey 50%.

Kumtor

 The mineral reserves have been estimated based on a gold price of $1,200 per ounce, diesel fuel price of $0.55/litre and an exc hange rate of

1USD:65KGS.

 The open pit mineral reserves are estimated based on a cut-off gr ade of 0.85 grams of gold per tonne for the Central Pit and 1. 0 grams of gold per

tonne for the Southwest and Sarytor deposits.

 The mineral resources have been estimated based on a gold price of $1,450 per ounce.

 Open pit mineral resources are constrained by a pit shell.

 The open pit mineral resources are estimated based on a cut-off gr ade of 0.85 grams of gold per tonne for the Central Pit and 1 .0 grams of gold per

tonne for the Southwest and Sarytor deposits.

 Underground mineral resources occur below the open pit mineral re sources shell and are constrai ned by underground mineable shap es based on a

cut-off grade of 4.9 grams of gold per tonne.

 Further information concerning the Kumtor deposit, including key a ssumptions, parameters and methods used to estimate mineral r esources and

mineral reserves, as well as, political, environmental and other risks are described in Centerra’s most recently filed Annual Information Form and the

Technical Report on the Kumtor Project, dated March 20, 2015 each of which has been filed on SEDAR.

Mount Milligan

 The mineral reserves have been estimated based on a gold price of $1,200 per ounce, copper price of $2.95 per pound and an exch ange rate of

1USD:1.30CAD.

 The open pit mineral reserves are estimated based on an NSR cut-o ff of $8.12 per tonne and takes into consideration metallurgic al recoveries,

concentrate grades, transportation costs, smelter treatment charges and royalty and streaming arrangements in determining economic viability.

 The mineral resources have been estimated based on a gold price of $1,450 per ounce, copper price of $3.50 per pound and an exc hange rate of

1USD:1.30CAD.

 The open pit mineral resources are constrained by a pit shell a nd are estimated based on an NSR cut-off of $8.12 per tonne and takes into

consideration metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges and royalty and streaming arrangements in

determining economic viability.

 Royal Gold streaming agreement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively, from the Mount Mil ligan mine.

Under the stream arrangement, Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered.

 Further information concerning th e Mount Milligan deposit is described in the tec hnical report, Mount Milligan Mine, Northern C entral British

Columbia dated January 21, 2015 and filed on SEDAR at www.sedar.com by Thompson Creek Metals Company Inc. The technical report describes

the exploration history, geology and style of gold mineralization at the Mount Milligan deposit. Sample preparation, analytica l techniques,

laboratories used and quality a ssurance-quality control protocols used during th e exploration drilling pr ograms are done consis tent with industry

standards and independent certified assay labs.

 The Company plans to complete and file a new NI 43-101 technical report on the Mount Milligan mine by the end of March 2017.

Boroo

 The unconstrained open pit mineral resources are estimated as all material below the pit above a 0.5 grams of gold per tonne cut-off grade.

Gatsuurt

 The mineral reserves have been estimated based on a gold price of $1,200 per ounce and an exchange rate of 1USD:1,900MNT.

 The open pit mineral reserves and mineral resources are estimated using a 1.4 grams of gold per tonne cut-off grade.

 The unconstrained open pit mineral resources are estimated as all material below the reserve pit above the 1.4 grams per tonne cutoff grade.

 Further information concerning the Gatsuurt deposit, including key assumptions, parameters and methods used to estimate mineral resources and

mineral reserves, as well as, political, environmental and other risks are described in Centerra’s most recently filed Annual Information Form and the

Technical Report on the Gatsuurt Project, dated May 9, 2006 each of which has been filed on SEDAR.

Ulaan Bulag

 The open pit mineral resources are estimated on a cut-off grade of 0.8, 0.9 or 1.0 grams of gold per tonne depending on ore type and process method.

ATO

 Mineral resources have been estimated on the following metal prices (gold $1,300 per ounce), (silver $20 per ounce), (lead $ 0.90 per lb), (zinc $0.90

per lb).

 The unconstrained open pit mineral resources are estimated based on a Net Smelter Return (NSR) cut-off grade of $6.50 NSR per t onne for oxide

mineralization and $25.50 NSR per tonne for sulphide mineralization.

 As of January 31, 2017, Centerra Gold’s M ongolian subsidiary, Centerra Gold Mongolia (CGM) entered into definitive agreements t o sell the ATO

Project, located in Eastern Mongolia, to Steppe Gold LLC and Steppe Gold Limited.

1 University Avenue, Suite 1500

Toronto, ON

M5J 2P1

tel 416-204-1953

fax 416-204-1954

www.centerragold.com

Öksüt

 The mineral reserves have been estimated based on a gold price of $1,200 per ounce and an exchange rate of 1USD:0.95EUR.

 The open pit mineral reserves are estimated based on a 0.3 grams of gold per tonne cut-off grade.

 The mineral resources have been estimated based on a gold price of $1,450 per ounce.

 Open pit mineral resources are constrained by a pit shell and are estimated based on a 0.2 grams of gold per tonne cut-off grade.

 Further information concerning the Öksüt deposit, including key assu mptions, parameters and methods used to estimate mineral re sources and

mineral reserves, as well as, political, environmental and other risks are described in Centerra’s most recently filed Annual Information Form and the

Technical Report on the Öksüt Project, dated September 3, 2015 each of which has been filed on SEDAR.

Greenstone Gold Property

Hardrock

 The mineral reserves have been estimated based on a gold price of $1,250 per ounce and an exchange rate of 1USD:1.30CAD

 The open pit mineral reserves are estimated based on a 0.33 grams of gold per tonne cut-off grade.

 The mineral resources have been estimated based on a gold price of C$1,625 per ounce.

 Open pit mineral resources are constrained by a pit shell and are estimated based on a 0.3 grams of gold per tonne cut-off grade.

 Underground mineral resources occur below the open pit mineral re sources shell and are constrai ned by underground mineable shap es based on

a cut-off grade of 2.0 grams of gold per tonne.

 Further information concerning the Hardrock deposit, including key assumptions, parameters and met hods used to estimate mineral resources

and mineral reserves, as well as, political, environmental and ot her risks are described in Centerra’s most recently filed Annu al Information

Form and the Technical Report on the Hardrock Project, dated December 21, 2016 each of which has been filed on SEDAR.

Brookbank, Key Lake

 The mineral resources have been estimated based on a gold price of $1,455 per ounce and an exchange rate of 1USD:1.18CAD.

 The unconstrained open pit mineral resources are estimated based on a 0.50 grams of gold per tonne cut-off grade.

 The unconstrained underground mineral resources are estimated based on a 2.8 grams of gold per tonne cut-off grade.

Kailey

 The mineral resources have been estimated based on a gold price of $1,455 per ounce and an exchange rate of 1USD:1.18CAD.

 The unconstrained open pit mineral resources are estimated based on a 0.50 grams of gold per tonne cut-off grade.

Thompson Creek

 The mineral resources have been estimated based on a molybdenum price of $10.00 per pound.

 The unconstrained open pit mineral resources are estimated based on a 0.030% molybdenum per tonne cut-off grade.

Endako

 The mineral resources have been estimated based on a molybdenum price of $10.00 per pound and an exchange rate of 1USD:1.00CAD.

 The unconstrained open pit mineral resources are estimated based on a 0.030% molybdenum per tonne cut-off grade.

Berg

 The mineral resources have been estimated based on a copper price of $1.60 per pound, molybdenum price of $10.00 per pound, silver price of 10.00

per ounce and an exchange rate of 1USD:1.00CAD.

 The unconstrained open pit mineral resources are estimated based on a 0.30% copper equivalent cut-off grade to a maximum depth of 450 metres

below surface.

Material Assumptions and Risks:

Material assumptions or factors used to estimate mineral reserves in this news release include the following:

 a gold price of $1,200 per ounce, except at Hardrock which used $1,250 per ounce

 a copper price of $2.95 per pound

 exchange rates:

o $1USD:$1.30 CAD

o $1USD:65 Kyrgyz som

o $1USD: 1,900 Mongolian tugriks

o $1USD:0.95 Euro

The assumed diesel price of $0.55/litre at Kumtor assume s that no Russian export duty will be paid on the

fuel exports from Russia to the Kyrgyz Republic. Di esel fuel is sourced from sep arate Russian suppliers and

only loosely correlates with world oil prices. The diesel fuel price assumptions were made when the price of

oil was approximately $50 per barrel. Crude oil is a component of diesel fuel purchased by the Company,

such that changes in the price of Brent crude o il generally impacts diesel fuel prices. The Company

established a hedging strategy to manage changes in diesel fuel prices on the cost of operations at the Kumtor

mine. The diesel fuel hedging program is a 24-month rolling program. The Company targets to hedge up to

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