CG.TO · 2019-02-22 12:00:00

Centerra Gold 2018 Year-End Statement of Mineral Reserves and Resources and Fourth Quarter Exploration Update

Resource Estimates Financials Exploration Programs

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NEWS RELEASE

Centerra Gold 2018 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 1 3. All figures are in United States dollars unless

otherwise stated.

Toronto, Canada, February 22, 2019: Centerra Gold Inc. (“Centerra”) (TSX: CG) today issued its 2018 year-

end estimates for mineral reserves and mineral resources. 2018 year-end mineral reserves have been estimated

based on a gold price of $1,250 per ounce and a copper price of $3.00 per pound.

Highlights:

• Measured and indicated gold mineral resources increased by 2.1 million ounces of contained gold,

excluding the impact of the sale of the Company’s Mongolian business unit (933,000 contained

ounces), to 11.3 million ounces of contained gold (758.8 million tonnes (Mt) at 0.5 g/t gold), exclusive

of gold mineral reserves.

• Proven and probable gold mineral reserves total 14.2 million ounces of contained gold (706.3 Mt at 0.6

g/t gold) a decrease of 782,000 ounces of contained gold, excluding the impact of the sale of the

Company’s Mongolian business unit (1.3 million contained ounces).

• Measured and indicated copper mineral resources increased by 296 million contained pounds to 5,836

million pounds of contained copper (1,090 Mt at 0.243% copper), exclusive of copper mineral reserves.

• Proven and probable copper mineral reserves total an estimated 2,465 million pounds of contained

copper (555 Mt at 0.202% copper).

Year-end Gold Mineral Reserves and Mineral Resources

Mineral Reserves

At December 31, 2018, proven and probable gold mineral reserves total an estimated 14.2 million contained

ounces (706.3 Mt at 0.6 g/t gold), compared to 16.3 million contained ounces (746.8 Mt at 0.7 g/t gold) the

prior year. During 2018, proven and probable gold mineral reserves decreased by 2.1 million contained ounces,

after processing of 977,000 contained ounces and a net deletion of 1.1 million contained ounces. The decrease

in gold mineral reserve contained ounces is primarily due to the Company’s sale of the Mongolian business unit

(Gatsuurt Project) that represented 1.3 million contained ounces of mineral reserves. Excluding the impact of

the sale of the Company’s Mongolian business unit gold mineral reserves decreased by 782,000 contained

ounces in 2018. The 2018 year-end gold mineral reserves have been estimated using a gold price of $1,250 per

ounce.

At the Kumtor Mine, in the Kyrgyz Republic, at the end of December 2018, proven and probable gold mineral

reserves total an estimated 4.0 million ounces of contained gold ( 51.6 Mt at 2.4 g/t gold), compared to 4.5

million contained ounces (57.1 Mt at 2.4 g/t gold) as at December 31, 2017. During 2018, proven and probable

gold mineral reserves decreased by 471,000 contained ounces, after accounting for processing of 668,000

contained ounces in 2018, of which 11,000 contained ounces came from processing gold-bearing carbon fines,

and further offset by a 24,000 ounce positive reconciliation from the Central Pit stockpiles and a 162,000 ounce

positive reconciliation to the resource model in the Central Pit.

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In Canada, at the Mount Mill igan Mine, proven and probable gold mineral reserves total an estimated 4.7

million ounces of contained gold (447.6 Mt at 0.3 g/t gold) as at December 31, 2018, compared to 5.1 million

contained ounces gold (467.9 Mt at 0.3 g/t gold) at the end of December 2017. For 2018, proven and probable

gold mineral reserves decreased by 401,000 contained ounces of gold, after processing 309,000 contained

ounces of gold and the impact of various model adjustments made in 2018.

At the Kemess Property, in Canada, the proven and probable gold mineral reserves at the Kemess Underground

Project are unchanged at an estimated 1.9 million contained ounces ( 107.4 Mt at 0.5 g/t gold) at the end of

December 2018.

At the Company’s 50% owned Greenstone Gold Property, in Canada, t he proven and probable gold 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 2018.

In Turkey, at the Öksüt Project, proven and probable gold mineral reserves total an estimated 1.3 million ounces

of gold (28.8 Mt at 1.4 g/t gold) at the end of December 2018, up from the estimated 1.2 million ounces of gold

(28.2 Mt at 1.3 g/t gold) as at December 31, 2017. The proven and probable gold mineral reserves increased

by 91,000 contained ounces, because of 16 new drill holes that were included in the resource model for 2018.

The drill holes were primarily completed to further delineate in-pit mineralization within the Keltepe open pit.

Due to the Company’s recent divestiture in 2018 of its Mongolian assets, an estimated 1.3 million ounces of

contained gold have been removed from the proven and probable gold mineral reserves attributable to the sale

of the Gatsuurt Project (15.4 Mt at 2.7 g/t gold).

Mineral Resources

Measured and indicated gold mineral resources, exclusive of gold mineral reserves, increased by 2.1 million

ounces of contained gold, excluding the impact of the sale of the Company’s Mongolian business unit (993,000

contained ounc es), to 11.3 million ounces of contained gold ( 758.8 Mt at 0 .5 g/t gold) , compared to the

December 31, 2017. The increase is a result of exploration success at Kumtor and Mount Milligan and changes

in the metal price assumptions at the Kemess Project.

At Kumtor, measured and indicated gold mineral resources increased by 330,000 contained ounces to 3.0

million contained ounces of gold (32.2 Mt at 2.9 g/t gold) due to the inclusion of exploration results from the

2018 drilling campaign and from the generation of a new open pit shell that constrained the resource.

At the Mount Milligan Mine 860,000 contained ounces of gold were added to measured and indicated gold

mineral resources in 2018 as a result of the successful drilling program and now measured and indicated gold

mineral resources total 2.7 million ounces of contained gold (342.2 Mt at 0.2 g/t gold).

At the Kemess Underground and Kemess East projects a re-estimation of the measured and indicated gold

resources was completed to unify our resources on the same metal price basis, using metal prices assumptions

of $1,450/oz gold and $3.50/lb copper (previously $1,275/oz gold and $3.20/lb copper) . After t he change to

metal prices and exchange rate changes (previously US$1:C$1.32, now US$1:C$1.25) Kemess Underground

and Kemess East measured and indicated gold ounces increased by 277,000 and 625,000 contained ounces

respectively.

Inferred gold mineral resource estimate totals 6.2 million contained ounces of gold (151.3 Mt at 1.3 g/t gold),

a decrease of 62 9,000 contained ounces from December 31, 2017. The decrease is primarily a result of the

reduction of 511,000 of contained ounces of gold as a result of the divestiture of the Mongolian assets in 2018.

In addition, at Kemess East inferred mineral resources decreased by 357,000 contained ounces of gold from

additional drilling that converted a portion of the inferred ounces to the indicated category. At Kumtor inferred

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mineral resources increased by 8,000 contained ounces because of exploration drilling and the generation of a

new constraining economic pit shell. At Öksüt additional in-fill drilling in the Keltepe open pit converted

58,000 contained ounces to the measured and indicated categories. These decreases were offset by the addition

of 252,000 contained ounces at the Kemess Underground project due to the change in resource metal prices

assumptions.

Year-end Copper Mineral Reserves and Mineral Resources

Mineral Reserves

Proven and probable copper mineral reserves total an estimated 2,465 million pounds of contained copper (555

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 the Kemess Underground Project.

At the Mount Milligan M ine, proven and probable copper mineral reserves total an estimated 1,836 million

pounds of contained copper (448 Mt at 0.186% copper) at the end of December 2018, compared to 1,938 million

contained pounds of copper (468 Mt 0.188 % copper) as of December 31, 2017. Proven and probable copper

mineral reserves decreased by 103 million contained pounds of copper, after processing 61 million contained

pounds of copper in 2018. During 2018, mineral reserves decreased primarily due to mining depletion, but was

also affect ed by geological model changes, modifications to the copper recovery curve and an increase in

concentrate transportation costs.

At the Kemess Property, proven and probable copper mineral reserves are unchanged at the Kemess

Underground Project and are estimated to be 630 million pounds of contained copper (107 Mt at 0.266% copper)

at the end of December 2018.

Mineral Resources

Measured and indicated copper mineral resources, exclusive of mineral reserves, total an estimated 5,836

million pounds of contained copper (1,090 Mt at 0.243% copper). The copper mineral resources are located at

the Mount Milligan Mine, the Berg Property, the Kemess Underground, and Kemess East properties that are all

located in Canada.

At Mount Milligan, measured and indicated mineral resou rces increased by 365 million pounds of contained

copper to an estimated 1,028 million pounds of contained copper (342 Mt at 0.136% cop per) at the end of

December 2018 as a result of successful exploration drilling activities in 2018 and have been estimated based

on a copper price of $3.50 per pound.

Measured and indicated resources that are exclusive of reserves increased by an estimated 588 million contained

copper pounds at the Kemess Project . This increase in copper pounds is attributable to an incr ease of 132

million pounds of contained copper at Kemess Underground that was due to a change to the metal price

assumptions (changed to standardize them across our sites) and an increase of 456 million pounds of contained

copper at Kemess East because of the standardization of corporate metal prices and the addition of 9 exploration

drill hole results that converted inferred material to the indicated category. The Kemess Underground measured

and indicated resources are 174 Mt at 0.182% copper or an estimated 697 million pounds of contained copper

and Kemess East measured and indicated resources of 178 Mt at 0.360% copper or an estimated 1,410 million

pounds of contained copper.

Centerra’s inferred copper mineral resource estimate totals 607 million pounds of contained copper (132 Mt at

0.209% copper). This includes at Mount Milligan an estimated 115 million pounds of contained copper (41 Mt

at 0.127% copper) that represents a year -over-year increase of 4 million pounds of contained copper that is

attributable to additional in-pit drilling completed in 2018. At Kemess Underground this includes 210 million

pounds of contained copper ( 48 Mt at 0.20% copper) and at Kemess East 203 million pounds of contained

copper (29 Mt at 0.31%).

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Table 1 (see additional footnotes page 7)

Centerra Gold Inc. 2018 Year-End Mineral Reserve and

Mineral Resource Summary – Gold (1) (5)

(as of December 31, 2018)

Proven and Probable Gold 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) 211,649 0.4 2,600 235,913 0.3 2,136 447,562 0.3 4,736

Kumtor - Open Pit 11,309 1.7 627 40,322 2.6 3,391 51,631 2.4 4,018

Öksüt - - - 28,843 1.4 1,278 28,843 1.4 1,278

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

Kemess Underground - - - 107,381 0.5 1,868 107,381 0.5 1,868

Total 222,957 0.5 3,228 483,316 0.7 10,996 706,274 0.6 14,223

Measured and Indicated Gold 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) 74,001 0.3 779 268,232 0.2 1,943 342,233 0.2 2,722

Kumtor - Open Pit 18,008 3.0 1,749 14,195 2.6 1,204 32,203 2.9 2,953

Öksüt 3,887 0.5 63 8,851 0.5 148 12,738 0.5 211

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 - - - 173,719 0.3 1,737 173,719 0.3 1,737

Kemess East - - - 177,500 0.4 2,305 177,500 0.4 2,305

Total 95,896 0.8 2,591 662,926 0.4 8,747 758,822 0.5 11,338

Inferred Gold Mineral Resources (3)

Property Tonnes

(kt)

Grade

(g/t)

Contained

Gold (koz)

Mount Milligan (4) 40,984 0.3 411

Kumtor - Open Pit 2,970 1.6 149

Kumtor - Underground 14,477 7.3 3,409

Öksüt 2,229 0.7 50

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 47,700 0.3 529

Kemess East 29,300 0.3 283

Total 151,331 1.3 6,191

1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 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 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 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) Numbers may not add up due to rounding.

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Table 2 (see additional footnotes page 7)

Centerra Gold Inc. 2018 Year-End Mineral Reserve and

Mineral Resource Summary - Other Metals (1) (5)

(as of December 31, 2018)

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) 211,649 0.183 853 - - - -

Probable Mineral Reserves

Mount Milligan (4) 235,913 0.189 983 - - - -

Kemess Underground 107,381 0.266 630 - - 1.99 6,878

Total Proven and Probable Mineral Reserves

Mount Milligan (4) 447,562 0.186 1,836 - - - -

Kemess Underground 107,381 0.266 630 - - 1.99 6,878

Total 554,943 0.202 2,465 - - 0.39 6,878

Measured Mineral Resources (2)

Mount Milligan (4) 74,001 0.092 150 - - - -

Berg 176,384 0.358 1,391 0.034 132 3.02 17,152

Kemess Underground - - - - - - -

Kemess East - - - - - - -

Thompson Creek 57,645 - - 0.072 92 - -

Endako 47,100 - - 0.046 48 - -

Indicated Mineral Resources (2)

Mount Milligan (4) 268,232 0.148 878 - - - -

Berg 220,284 0.270 1,311 0.033 161 3.08 21,799

Kemess Underground 173,719 0.182 697 - - 1.55 8,632

Kemess East 177,500 0.360 1,410 - - 1.97 11,240

Thompson Creek 59,498 - - 0.065 85 - -

Endako 122,175 - - 0.044 118 - -

Total Measured and Indicated Mineral Resources (2)

Mount Milligan (4) 342,233 0.136 1,028 - - - -

Berg 396,668 0.309 2,702 0.034 293 3.05 38,951

Kemess Underground 173,719 0.182 697 - - 1.55 8,632

Kemess East 177,500 0.360 1,410 - - 1.97 11,240

Total Copper 1,090,120 0.243 5,836 0.01 293 1.68 58,823

Thompson Creek 117,143 - - 0.068 177 - -

Endako 169,275 - - 0.045 166 - -

Inferred Mineral Resources (3)

Mount Milligan (4) 40,984 0.127 115 - - - -

Berg 13,982 0.256 79 0.017 5 4.4 1,971

Kemess Underground 47,700 0.200 210 - - 1.65 2,530

Kemess East 29,300 0.314 203 - - 2.00 1,880

Total Copper 131,966 0.209 607 0.002 5 1.50 6,381

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) 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)

December 31

2017 (1)

2018

Throughput (2)

2018 Addition

(Deletion) (3)

December 31

2018

Proven and Probable Gold Mineral Reserves

Mount Milligan 5,138 309 (92) 4,736

Kumtor - Open Pit (5) 4,489 668 197 4,018

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

Öksüt (7) 1,187 - 91 1,278

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

Kemess Underground 1,868 - - 1,868

Total 16,321 977 (1,120) 14,223

Measured and Indicated Gold Mineral Resources

Mount Milligan 1,862 - 860 2,722

Kumtor - Open Pit (5) 2,623 - 330 2,953

Boroo (6) 242 - (242) -

Gatsuurt (6) 678 - (678) -

Ulaan Bulag (6) 73 - (73) -

Öksüt (7) 176 - 35 211

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 - 277 1,737

Kemess East(3) 1,680 - 625 2,305

Total 10,204 - 1,134 11,338

Inferred Mineral Gold Resources (8)

Mount Milligan 374 - 38 411

Kumtor - Open Pit (5) 141 - 8 149

Kumtor - Underground 3,409 - - 3,409

Boroo (6) 235 - (235) -

Gatsuurt (6) 263 - (263) -

Ulaan Bulag (6) 13 - (13) -

Öksüt (7) 108 - (58) 50

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 - 252 529

Kemess East(3) 640 - (357) 283

Total 6,820 - (629) 6,191

(1) Mineral reserves and mineral resources reported in Centerra’s Annual Information Form filed in March 2018. Centerra reports mineral reserves and mineral resources

separately. The amount of reported mineral resources does not include those amount s 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 Mount Milligan and Kumtor.

(3) Changes in mineral reserves or mineral resources, as applicable, are attributed to : (i) changes to metal price and FX assumptions , 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 th is news release are as follows: Mount Milligan 100%, Kumtor 100%, Öksüt 100% , Kemess Underground and Kemess East 100%

and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50% . The Company’s Mongolian assets Gatsuurt, Boroo, and Ulaan Bulag were sold in

2018.

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

(6) Mongolian business unit sold on October 12, 2018.

(7) Öksüt open pit mineral reserves and mineral resources 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 economically. It cannot be assu med that all or

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

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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 es timated based on a gold price of $1,2 50 per ounce , diesel fuel price of $0.55/litre and an exchange rate of

1USD:65KGS.

 The open pit mineral reserves are estimated based on a cut-off grade 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 grade 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 resources shell and are constrained by underground mineable shapes based on a cut-

off grade of 4.9 grams of gold per tonne.

 Further information concerning the Kumtor 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 Kumtor Project, dated March 20, 2015, each of which has been filed on SEDAR.

Mount Milligan

 The mineral reserves have been esti mated based on a gold price of $1,250 per ounce, copper price of $3.00 per pound and an exchange 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 metallurgical recove ries,

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 p er pound and an exchange rate of

1USD:1.25CAD.

 The open pit mineral resources are constrained by a pit shell and 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 treatment charges and royalty and streaming arrangements in determining

economic viability.

 Further information concerning the Mount Milligan 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

in the Technical Report, Mount Milligan Mine, North Central British Columbia dated March 22, 2017, each of which has been filed on SEDAR.

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 77%.

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

Kemess Underground

 The mineral reserves have been estimated based on a gold price of $1,2 50 per ounce, coppe r price of $ 3.00 per pound and an exchange rate of

1USD:1.25CAD.

 The underground mineral reserves 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 in determining economic viability.

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

rate of 1USD:1.25CAD.

 The underground mineral resources are estimated based on an NSR cut-off of C$15.00 per tonne and takes into consideration metallurgical recoveries,

concentrate grades, transportation costs and smelter treatment charges.

 Further information concerning the Kemess Underground deposit is described in the tech nical report dated July 14, 2017 and filed on SEDAR at

www.sedar.com by AuRico Metals Inc. The technical report describes the exploration history, geology and style of gold mineralization at the Kemess

Underground deposit. Sample preparation, analytical techniques, 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 res ources have been estimated based on a gold price of $1, 450 per ounce, copper price of $ 3.50 per pound and an exchange rate of

1USD:1.25CAD.

 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 described in the technical report dated July 14, 2017 and filed on SEDAR at www.sedar.com

by AuRico Metals Inc. The technical report describes the exploration history, geology and style of gold mineralization at th e Kemess East project.

Sample preparation, analytical techniques, labor atories used and quality assurance -quality control protocols used during the exploration drilling

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

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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 resources shell and are constrained by underground mineable shapes 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 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 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 open pit mineral resources are constrained by a pit shell and 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 open pit mineral resources are constrained by a pit shell and are estimated based on a 0.025% molybdenum cut-off grade.

Berg

 The mineral resources have been estimated based on a copper price of $3.50 per pound, molybdenum price of $14.00 per pound, silver price of 21.00

per ounce and an exchange rate of 1USD:1.25CAD.

 The open pit mineral resources are constrained by a pit shell and are estimated based on a 0.25% copper equivalent cut -off grade that takes into

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

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 operations 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 al so materially 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 -ended December 31, 2018, available on SEDAR at www.sedar.com and see

also the discussion below under the heading “Caution Regarding Forward-looking Information”.

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