CG.TO · 2018-02-08 12:00:00

Centerra Gold 2017 Year-End Statement of Mineral Reserves and Resources and Fourth Quarter Exploration Update

Resource Estimates Financials Exploration Programs

1 University Avenue, Suite 1500

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NEWS RELEASE

Centerra Gold 2017 Year-End Statement of Mineral Reserves and Resources and

Fourth Quarter Exploration Update

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

Cautionary Note Regarding Forward-looking Information on page 12. All figures are in United States dollars unless

otherwise stated.

Toronto, Canada, February 8, 2018: Centerra Gold Inc. (“Centerra”) (TSX: CG) today issued its 2017

year-end estimates for mineral reserves and minera l resources. Mineral reserves and resources from the

Kemess Project have been included following the completion of Centerra’s acquisition of AuRico Metals Inc.

(“AuRico Metals”) on January 8, 2018.

Highlights:

 Centerra’s proven and probable gold mineral reser ves increased to 16.3 million ounces of contained

gold (746.8 million tonnes (Mt) at 0.7 g/t gold) fro m 16 million contained ounces (673.4 Mt at 0.7 g/t

gold) a year ago.

 Centerra’s proven and probable copper mineral reserves total an estimated 2,568 million pounds of

contained copper (575.3 Mt at 0.202% copper) compared to an estimated 2,049 million pounds of

contained copper (496.2 Mt at 0.187% copper) a year ago.

 The mineral reserve attributable to the Kemess Underground of 1.9 million ounces of contained gold

and 630 million pounds of contained copper (107.4 Mt at 0.5 g/t gold and 0.266% copper at an NSR

cut-off of C$17.30 per tonne) have been include d in the mineral reserve statement following the

completion of Centerra’s acquisition of AuRico Metals on January 8, 2018.

Scott Perry, President and CEO of Centerra said: “W ith the recent acquisition of AuRico Metals, including

the Kemess Project’s mineral reserves and resources, and our successful brownfields exploration at the Mount

Milligan Mine and the Öksüt Project, we were able to offset the depletion of 1.1 million contained ounces of

gold during 2017. The addition of the Kemess Project c ontinues to expand our gold and copper reserves and

resources within northern British Columbia and continues to diversify our geographical asset mix.”

Year-end Gold Mineral Reserves and Mineral Resources

Mineral Reserves

Centerra’s estimated proven and probable gold mineral reserves increased by 343,000 contained ounces, after

processing of 1.1 million contained ounces of gold in 2017 and the addition of 1.9 million contained ounces

of gold as a result of the purchase of AuRico Metals wh ich closed on January 8, 2018. Centerra’s proven and

probable mineral reserves now total an estimated 16.3 million ounces of contained gold (746.8 Mt at 0.7 g/t

gold), compared to 16 million contained ounces (673.4 Mt at 0.7 g/t gold) as of December 31, 2016. The

2017 year-end gold mineral reserves have been verified a nd estimated using a gold price of $1,250 per ounce,

except for the Kumtor Mine and the Kemess Undergr ound Project which used a gold price of $1,200 per

ounce. At the Kumtor Mine estimating gold mineral reserves using a gold price of $1,250 per ounce would

result in no material change to the contained ounces.

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At the Kumtor Mine, in the Kyrgyz Republic, prove n and probable gold mineral reserves decreased by

641,000 contained ounces, after accounting for depleti on of 719,000 contained ounces in 2017. In 2017

mineral reserves d ecreased primarily due to mining depletion offset by a 165,000 ounce positive

reconciliation from the Central Pit stockpiles and a 88,000 ounce negative model adjustment at Sarytor. As a

result, Kumtor’s proven and probable mineral reserves now total an estimated 4.5 million ounces of contained

gold (57.1 Mt at 2.4 g/t gold) at the end of Decembe r 2017, compared to 5.1 million contained ounces (63.1

Mt at 2.5 g/t gold) as of December 31, 2016.

In Canada, at the Mount Milligan Mine, proven a nd probable mineral reserves decreased by 623,000

contained ounces of gold, after processing 365,000 contained ounces of gold in 2017. In 2017 mineral

reserves decreased primarily due to mining depletion and model adjustments which included a new gold

capping grade and revised exchange rate. As a result, Mt. Milligan’s proven and probable mineral reserves

now total an estimated 5.1 million ounces of contained gold (468 Mt at 0.3 g/t gold) at the end of December

2017, compared to 5.8 million contained ounces gold (496.2 Mt at 0.4 g/t gold) as of December 31, 2016.

Due to the Company’s recent acquisition of AuRico Metals, an estimated 1.9 million ounces of contained

gold have been added to proven and probable mineral reserves attributable to the Kemess Underground (107.4

Mt at 0.5 g/t gold).

At the Company’s 50% owned Greenstone Gold Prope rty, in Canada, the proven and probable mineral

reserves at the Hardrock Project are unchanged at an estimated 2.3 million contained ounces (Centerra’s

share) (70.8 Mt at 1.0 g/t gold) at the end of December 2017.

In Turkey, at the Öksüt Project, the proven and probable mineral reserve s have increased slightly by 26,000

contained ounces, as a result of 23 new drill holes that were included in the resource model for 2017 and

various model adjustments. The drill holes were completed primarily to further delineate in-pit mineralization

within the Keltepe and Güneytepe open pits. As a re sult, Öksüt’s proven and probable mineral reserves now

total an estimated 1.2 million ounces of gold (28.2 Mt at 1.3 g/t gold) at the end of December 2017, compared

to an estimated 1.2 million ounces of gold (26.1 Mt at 1.4 g/t gold) as of December 31, 2016.

In Mongolia, at the Gatsuurt Project proven and probable mineral reserves were updated in the third quarter of

2017 and remain unchanged at an estimated 1.3 million contained ounces of gold (15.4 Mt at 2.7 g/t gold).

Mineral Resources

Centerra’s measured and indicated gold mineral resources, exclusive of gold mineral reserves, increased by

2.8 million contained ounces compared to the Decembe r 31, 2016 estimate and are now estimated to total

10.2 million ounces of contained gold (559.2 Mt at 0.6 g/t gold). The increase is primarily a result of the

inclusion of 3.2 million contained ounces of gold (1 .5 million contained ounces of gold from the Kemess

Underground and 1.7 million contained ounces of gold from the Kemess East depos it) as a result of the

acquisition of AuRico Metals and the removal of 771 ,000 contained gold ounces of measured and indicated

mineral resources from the ATO property in Mongolia as a result of the sale of the property to Steppe Gold

LLC and Steppe Gold Limited.

Centerra’s inferred gold mineral resource estimate tota ls 6.8 million contained ounces of gold (168 Mt at 1.3

g/t gold), an increase of 1.0 million contained ounces fro m December 31, 2016. The increase is primarily a

result of the inclusion of 917,000 contained ounces of gold (277,000 contained ounces of gold from the

Kemess Underground and 640,000 cont ained ounces of gold from the Kemess East deposit) as a result of the

acquisition of AuRico Metals. In addition, at Mt. Milligan inferred mineral resources increased by 265,000

contained ounces of gold from additional drilling.

1 University Avenue, Suite 1500

Toronto, ON

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tel 416-204-1953

fax 416-204-1954

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Year-end Copper Mineral Reserves and Mineral Resources

Mineral Reserves

Centerra’s proven and probable copper mineral reserves total an estimat ed 2,568 million pounds of contained

copper (575.3 Mt at 0.202% copper). The copper mineral reserves have been estimated based on a copper

price of $3.00 per pound for the Mount Milligan Mine and a copper price of $2.50 per pound for the Kemess

Underground Project.

At the Mount Milligan Mine, proven and probable mineral reserves decreased by 111 million contained

pounds of copper, after processing 72 m illion contained pounds of copper in 2017. In 2017 mineral reserves

decreased primarily due to mining depletion and model adjustments. As a result, Mt. Milligan’s proven and

probable mineral reserves now total an estimated 1, 938 million pounds of cont ained copper (468 Mt at

0.188% copper) at the end of December 2017, compared to 2,049 million contain poun ds of copper (496.2 Mt

0.187% copper) as of December 31, 2016.

The Company’s recent acquisition of AuRico Metals added proven and probable reserves from the Kemess

Underground of an estimated 630 million pounds of contained copper (107.4 Mt at 0.266% copper).

Mineral Resources

Centerra’s measured and indicated copper mineral resources, exclusive of mineral reserves, total an estimated

5,541 million pounds of contained copper (988 Mt at 0.254% copper). The copper mineral resources are

located at the Mount Milligan Mine, the Berg Pr operty, the Kemess Underground, and Kemess East

properties that are all located in Canada.

At Mount Milligan, measured and indicated mineral resources total an estimat ed 663 million pounds of

contained copper (229.7 Mt at 0.131% copper) at the e nd of December 2017 and have been estimated based

on a copper price of $3.50 per pound. In comparison to the end of December 2016 measured and indicated

resources have decreased by 55 million contained copper pounds.

The acquisition of AuRico Metals added the Kemess Underground and Kemess East projects to the

Company’s copper statement. Kemess added measured and indicated resources of an estimated 1,519 million

contained copper pounds. This is based on Kemess Underground measu red and indicated resources of 139

Mt at 0.184% copper or an estimated 565 million c ontained copper pounds and Kemess East measured and

indicated resources of 113 Mt at 0.383% copper or an estimated 954 million contained copper pounds.

Centerra’s inferred copper mineral resource estimate totals 1,427 million pounds of cont ained copper (265.0

Mt at 0.244% copper). This includes at Mount Milligan an estimated 111 million pounds of contained copper

(35 Mt at 0.143% copper) that represents a year-over-y ear increase of 80 million pounds of contained copper

that is largely attributable to additional in-pit drilling completed in 2017. The Company continues to build on

this exploration success with additional drilling planned in 2018.

The Company’s inferred copper mineral resources also increased through the acquisition of AuRico Metals

whose inferred copper mineral resources are an estim ated 583 million contained copper pounds (85.4 Mt at

0.309% copper), including an estim ated 105 million contained copper pounds (21.6 Mt at 0.220% copper) at

Kemess Underground and an estimated 478 million contai ned copper pounds (63.8 Mt at 0.340% copper) at

Kemess East.

1 University Avenue, Suite 1500

Toronto, ON

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tel 416-204-1953

fax 416-204-1954

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Table 1 (see additional footnotes page 7)

Centerra Gold Inc. 2017 Year-End Mineral Reserve and

Mineral Resource Summary – Gold (1) (6) (including acquisition of AuRico Metals)

(as of December 31, 2017)

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) 236,533 0.4 2,996 231,405 0.3 2,141 467,939 0.3 5,138

Kumtor - Open Pit 10,278 1.5 490 46,849 2.7 3,999 57,128 2.4 4,489

Gatsuurt - - - 15,356 2.7 1,316 15,356 2.7 1,316

Öksüt - - - 28,163 1.3 1,187 28,163 1.3 1,187

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

Kemess Underground(5) - - - 107,381 0.5 1,868 107,381 0.5 1,868

Total 246,812 0.4 3,486 500,012 0.8 12,835 746,824 0.7 16,321

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) 73,725 0.3 759 156,006 0.2 1,103 229,732 0.3 1,862

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 - - - 10,988 1.9 678 10,988 1.9 678

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

Öksüt 2,837 0.5 44 8,027 0.5 132 10,864 0.5 176

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

Kemess Underground(5) - - - 139,019 0.3 1,460 139,019 0.3 1,460

Kemess East(5) - - - 113,100 0.5 1,680 113,100 0.5 1,680

Total 93,583 0.8 2,451 465,651 0.5 7,753 559,234 0.6 10,204

Inferred Mineral Resources (3)

Property Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Mount Milligan (4) 35,037 0.3 373

Kumtor - Open Pit 2,798 1.6 141

Kumtor - Underground 14,477 7.3 3,409

Boroo 7,323 1.0 235

Gatsuurt 3,812 2.1 263

Ulaan Bulag 315 1.3 13

Öksüt 4,932 0.7 108

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

Kemess Underground(5) 21,600 0.4 277

Kemess East(5) 63,800 0.3 640

Total 167,765 1.3 6,819

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%, Öksüt 100%, Kemess

Underground and Kemess East 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 economi cally. It cannot be assumed that all or part of

the inferred mineral resources will ever be upgraded to a higher category.

4) Production at Mount Milligan is subject to a streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively, “Royal Gold”) which 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. Mineral reserves for the Mount Milligan

property are presented on a 100% basis.

5) As of January 8, 2018, Centerra Gold closed the acquisition of AuRico Metals Inc. The Kemess Underground and Kemess East reserves and resources have been included in

the Company’s annual statement.

6) Numbers may not add up due to rounding.

1 University Avenue, Suite 1500

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tel 416-204-1953

fax 416-204-1954

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Table 2 (see additional footnotes page 7)

Centerra Gold Inc. 2017 Year-End Mineral Reserve and

Mineral Resource Summary - Other Metals (1) (6) (including acquisition of AuRico Metals)

(as of December 31, 2017)

Property Tonnes

(kt)

Copper

Grade

(%)

Contained

Copper

(Mlbs)

Moly

Grade

(%)

Contained

Molybdenum

(Mlbs)

Silver

Grade

(g/t)

Contained

Silver

(koz)

Proven Mineral Reserves

Mount Milligan (4) 236,533 0.187 974 - - - -

Probable Mineral Reserves

Mount Milligan (4) 231,405 0.189 964 - - - -

Kemess Underground(5) 107,381 0.266 630 - - 1.99 6,878

Total Proven and Probable Mineral Reserves

Mount Milligan (4) 467,939 0.188 1,938 - - - -

Kemess Underground(5) 107,381 0.266 630 - - 1.99 6,878

Total 575,320 0.202 2,568 - - 1.99 6,878

Measured Mineral Resources (2)

Mount Milligan (4) 73,725 0.106 172 - - - -

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

Kemess Underground(5) - - - - - - -

Kemess East(5) - - - - - - -

Thompson Creek 57,645 - - 0.072 92 - -

Endako 47,100 - - 0.046 48 - -

Indicated Mineral Resources (2)

Mount Milligan (4) 156,006 0.143 491 - - - -

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

Kemess Underground(5) 139,019 0.184 565 - - 1.56 6,988

Kemess East(5) 113,100 0.383 954 - - 1.94 7,066

Thompson Creek 59,498 - - 0.065 85 - -

Endako 122,175 - - 0.044 118 - -

Total Measured and Indicated Mineral Resources (2)

Mount Milligan (4) 229,732 0.131 663 - - - -

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

Kemess Underground(5) 139,019 0.184 565 - - 1.56 6,988

Kemess East(5) 113,100 0.383 954 - - 1.94 7,066

Total Copper 987,851 0.254 5,541 - - 2.38 75,617

Thompson Creek 117,143 - - 0.068 177 - -

Endako 169,275 - - 0.045 166 - -

Inferred Mineral Resources (3)

Mount Milligan (4) 35,037 0.143 111 - - - -

Berg 144,600 0.230 733 0.033 105 - -

Kemess Underground(5) 21,600 0.220 105 - - 1.70 1,179

Kemess East(5) 63,800 0.340 478 - - 1.90 3,889

Total Copper 265,037 0.244 1,427 - - 0.59 5,068

Thompson Creek 806 - - 0.045 1 - -

Endako 47,325 - - 0.042 44 - -

1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kemess Underground 100%, Kemess East 100%,

Berg 100%, Thompson Creek 100%, and Endako 75%.

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) Production at Mount Milligan is subject to a streaming agreement which 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. Mineral

resources for the Mount Milligan property are presented on a 100% basis.

5) As of January 8, 2018, Centerra Gold closed the purchase of AuRico Metals. The Kemess Underground and Kemess East reserves and

resources have been included in the Company’s annual statement.

6) Numbers may not add up due to rounding.

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

Reconciliation of Mineral Reserves and Mineral Resources (1) (4) - Gold Contained (koz) (including acquisition of AuRico Metals)

December 31

2016 (1)

2017

Throughput (2)

2017 Addition

(Deletion) (3)

December 31

2017

Proven and Probable Mineral Reserves

Mount Milligan 5,760 365 (258) 5,138

Kumtor - Open Pit (5) 5,130 719 77 4,489

Gatsuurt (6) 1,603 - (287) 1,316

Öksüt (7) 1,161 - 26 1,187

Hardrock - Open Pit 2,324 - 2,324 2,324

Kemess Underground(3) - - 1,868 1,868

Total 15,978 1,084 1,427 16,321

Measured and Indicated Mineral Resources

Mount Milligan 1,769 - 93 1,862

Kumtor - Open Pit (5) 2,623 - - 2,623

Boroo 242 - - 242

Gatsuurt (6) 398 - 280 678

Ulaan Bulag 73 - - 73

ATO (4) 771 - (771) -

Öksüt (7) 156 - 20 176

Hardrock - Open Pit 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

Kemess Underground(3) - - 1,460 1,460

Kemess East(3) - - 1,680 1,680

Total 7,442 - 2,762 10,204

Inferred Mineral Resources (8)

Mount Milligan 109 - 265 374

Kumtor - Open Pit (5) 141 - - 141

Kumtor - Underground 3,409 - - 3,409

Boroo 235 - - 235

Gatsuurt (6) 440 - (177) 263

Ulaan Bulag 13 - - 13

ATO (4) 8 - (8) -

Öksüt (7) 65 - 43 108

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

Kemess Underground(3) - - 277 277

Kemess East(3) - - 640 640

Total 5,780 - 1,040 6,820

(1) Mineral reserves and mineral resources reported in Centerra’s Annua l Information Form filed in March 2017. Centerra reports mineral reserves and mineral resources separately. The amount of

reported mineral resources does not include those amounts identified as mineral reserves. Mineral resources do not have demonstrated economic viability. Numbers may not add due to rounding.

(2) Corresponds to mill feed at Mt. Milligan and Kumtor.

(3) Changes in mineral reserves or mineral resources, as appli cable, are attributed to: (i) the acquisition of AuRico Metals on January 8, 2018; and (ii) 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%, Öksüt 100%, Kemess Underground

and Kemess East 100% and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%. The ATO Project was sold in 2017.

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

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

(7) Öksüt open pit mineral reserves and mineral re sources include the Keltepe and Guneytepe deposits.

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

resources will ever be converted to a higher category.

1 University Avenue, Suite 1500

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tel 416-204-1953

fax 416-204-1954

www.centerragold.com

Additional Footnotes for Tables 1, 2, 3

General

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

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 $1,250 per ounce, copper price of $3.00 per pound and an exch ange rate of

1USD:1.25CAD.

 The open pit mineral reserves are estimated based on an NSR cut-off of C$8.12 per tonne and takes into consideration metallurgi cal 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:1.25CAD.

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

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

determining economic viability.

 Gold grades are capped at 17 grams of gold per tonne.

 Further information concerning the Mount Millig an deposit, including key assumptions, parameters and methods used to estimate m ineral resources

and mineral reserves, as well as, political , environmental and other risks are describe d in Centerra’s most recently filed Annu al Information Form

and in the technical report, Mount Milligan Mine, North Central British Columbia dated March 22, 2017, each of which has been filed on SEDAR at

www.sedar

.com.

Öksüt

 The mineral reserves have been estimated based on a gold price of $1,250 per ounce and an exchange rate of 1USD:3.5TL.

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

 Open pit optimization used a LOM recovery of 74%.

 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 assumptions, 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.

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 $1,250 per ounce and an exchange rate of 1USD:2,200MNT.

 The open pit mineral reserves and mineral resources are estimated using a variable cut-off grade that is based material type and open pit.

 The open pit mineral reserves for the Main Pit gold cut-off grades on a gram per tonne basis are: Oxide (CIP) – 0.79, Transitio n (CIP) – 0.79,

Transition (BIOX) – 1.20, Fresh (BIOX) 1.13. The Central Pit gol d cut-off grades on a gram per tonne basis are: Oxide (CIP) – 0.84, Transition

(CIP) – 0.84, Transition (BIOX) – 1.44, Fresh (BIOX) 1.36.

 The unconstrained open pit mineral resources are estimated as all material below the reserve pit. The Main Pit gold cut-off gr ades on a gram per

tonne basis are: Oxide (CIP) – 0.72, Transition (CIP) – 0.86, Tr ansition (BIOX) – 1.16, Fresh (BIOX) 1.09. The Central Pit gol d cut-off grades on a

gram per tonne basis are: Oxide (CIP) – 0.68, Transition (CIP) – 0.67, Transition (BIOX) – 1.16, Fresh (BIOX) 1.09.

 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 December 22, 2017 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.

1 University Avenue, Suite 1500

Toronto, ON

M5J 2P1

tel 416-204-1953

fax 416-204-1954

www.centerragold.com

Kemess Underground

 The mineral reserves have been estimated based on a gold price of $1,200 per ounce, copper price of $2.50 per pound and an exch ange rate of

1USD:1.33CAD.

 The underground mineral reserves are estimated based on an NSR cu t-off of C$17.30 per tonne and takes into consideration metallurgical recoveries,

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

 The underground mineral resources have been estimated based on a gold price of $1,275 per ounce, copper price of $3.20 per pound and an exchange

rate of 1USD:1.33CAD.

 The underground mineral resources are estimated based on an NSR cu t-off of C$15.00 per tonne and takes into consideration metal lurgical

recoveries, concentrate grades, transportation costs and smelter treatment charges.

 Further information concerning the Kemess Underground deposit is described in the technical report dated July 14, 2017 and file d on SEDAR at

www.sedar.com by AuRico Metals Inc. The technical report describes the exploration history, ge ology and style of gold minerali zation at the

Kemess Underground deposit. Sample preparation, analytical t echniques, laboratories used and quality assurance-quality control protocols used

during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

Kemess East

 The mineral resources have been estimated based on a gold price of $1,275 per ounce, copper price of $3.20 per pound and an exc hange rate of

1USD:1.32CAD.

 The mineral resources are estimated based on an NSR cut-off of C$17.30 per tonne and takes into consideration metallurgical recoveries, concentrate

grades, transportation costs and smelter treatment charges.

 Further information concerning the Kemess East project is desc ribed in the technical report dated July 14, 2017 and filed on SE DAR at

www.sedar.com by AuRico Metals Inc. The technical report describes the exploration history, ge ology and style of gold minerali zation at the

Kemess East project. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protoc ols used during the

exploration drilling programs are done consistent with industry standards and independent certified assay labs.

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 $14.00 per pound.

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

Endako

 The mineral resources have been estimated based on a molybdenum price of $14.00 per pound and an exchange rate of 1USD:1.25CAD.

 The unconstrained open pit mineral resources are estimated based on a 0.030% molybdenum 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.

 T he 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.

Mineral reserve and mineral resource estimates are forward-looking information and are based on key

assumptions and subject to material risk factors. If any event arising from these risks occurs, the Company’s

business, prospects, financial condition, results of operati ons or cash flows and the market price of Centerra’s

shares could be adversely affected. Additional risks and uncertainties not currently known to the Company,

or that are currently deemed immaterial, may also ma terially and adversely affect the Company's business

operations, prospects, financial condition, results of operations or cash flows and the market price of

Centerra’s shares. See the section entitled “Risk Factors” in the Company’ s annual Management’s

Discussion and Analysis (MD&A) for the year-e nded December 31, 2016, available on SEDAR at

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