Investor PresentationMarch 2020 TSX: CG

www.centerragold.com

Caution Regarding Forward-Looking Information

2

Information contained in this document which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws.Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forwardlooking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-lookinginformation. These forward-looking statements relate to, among other things, the timing of publishing an updated NI 43-101 technical report for Mount Milligan, and our current expectations regarding a material reductionin Mount Milligan’s mineral reserves and resources and mine life; the Company’s expectations regarding future gold and copper production, all-in sustaining costs per ounce soldNG; the ramp-up of gold production at theÖksüt Mine; 2020 capital expenditures; 2020 exploration expenditures; and other statements made under the heading “2020 Outlook” including expected throughput at Mount Milligan; 2020 corporate administrationexpenses; 2020 depreciation, depletion and amortization expenses; 2020 tax expenses; 2020 financing costs; 2020 other costs and expectations for the Molybdenum Business Unit.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra Gold (“Centerra”), are inherently subject to significant political, business,economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors that could causeactual results or events to differ materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in theKyrgyz Republic, Turkey and Canada; risks of a decision by the Kyrgyz General Prosecutor’s Office, or its successor the Anti-Corruption Service of the State Committee for National Security, to re-open at any time civil orcriminal proceedings against Centerra, its subsidiaries or other stakeholders; the failure of the Kyrgyz Government to comply with its continuing obligations under the Strategic Agreement, including the requirement that itcomply at all times with its obligations under the Kumtor Project Agreements, to allow for the continued operation of the Kumtor Mine by KGC and KOC and not take any expropriatory action; actions by the Government orany state agency or the General Prosecutor's Office that serve to restrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra; resource nationalism including the management of externalstakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including with respect to the environment, in the jurisdictions in which theCompany operates including any delays or refusals to grant required permits and licenses, unjustified civil or criminal action against the Company, its affiliates or its current or former employees; risks that communityactivism may result in increased contributory demands or business interruptions; the impact of any actions taken by the Kyrgyz Government and Parliament relating to the Kumtor Project Agreements which are inconsistentwith the rights of Centerra and KGC under the Kumtor Project Agreements; the risks related to other outstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the impact of the delayby relevant government agencies to provide required approvals, expertises and permits; potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the impact of constitutional changes inTurkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian and Turkish individuals and entities; potential defects of title in the Company’s properties that arenot known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the KyrgyzRepublic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity toIndigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and othermineral prices, the use of provisionally-priced sales contracts for production at Mount Milligan, reliance on a few key customers for the gold-copper concentrate at Mount Milligan, use of commodity derivatives, theimprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’scredit facilities which may, among other things, restrict the Company from pursuing certain business activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact ofglobal financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal andinterest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage suchmatters, including the movement of the Davidov Glacier, waste and ice movement and continued performance of the buttress at the Kumtor Project; the occurrence of further ground movements at the Kumtor Project andmechanical availability; the risk of having sufficient water to continue operations at Mount Milligan and achieve expected mill throughput; the success of the Company’s future exploration and development activities,including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance tomitigate operational risks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiatecollective agreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment andsupplies given the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; the Company’s ability to accuratelypredict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; and risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage itsprojects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. See section titled “Risks that can affect our business” in the Company’s most recentlyfiled Annual Information Form available on SEDAR at www.sedar.com.

Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates may render ore reserves containing lower grades of mineralization uneconomic and mayultimately result in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic andtechnological factors which may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra cangive no assurances that any mineral resource estimate will ultimately be reclassified as proven and probable reserves.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance orachievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference.Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Centerra assumes noobligation to update or revise forward looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.Except as otherwise noted herein, Gordon Reid, Professional Engineer, consultant and Centerra’s former Vice President and Chief Operating Officer, is the Qualified Person for the purpose of NI 43-101. For moreinformation, please refer to the properties’ technical reports, which are available on SEDAR. All figures are in United States dollars unless otherwise stated.March 2020

Centerra: Project Locations

3March 2020

1. All-in sustaining costs per ounce sold (AISC) is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s most recent News Release February 11, 2020. AISC of $713/oz is low end of 2019 guidance.2020e AISC: Kumtor $750 to $800/oz, Mount Milligan $885 to $935/oz , Öksüt $650 to $700/oz, see News Release February 11, 2020.

2. Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at December 31, 2018 and $28.6MM restricted cash at September 30, 2019.3. Non-GAAP measure see MD&A and News Release October 30, 2019.

Corporate Highlights

2019 gold production 783koz, copper production 71Mlbs, at expected AISC1 of less than $7131 per ounce

Öksüt Mine first gold pour January 31, 2020

2020 estimated gold production up to 820koz, copper production up to 90Mlbs, AISC1 of $820 to $870 per ounce

Öksüt Mine delivered on time and under budget

Progressing two advanced stage growth projects in Canada

Continued focus on brownfields exploration opportunities with key updates to be delivered in March

Meaningful Free Cash Flow3 expected to be generated in 2020 from three operating mines

4

2019 Q3 YTD Cash Flow (US$MM’s)

Centerra: Built For Success

Profitably Growing Gold Production

0

1,000

Kumtor Mt Milligan Oksut Kemess UG Greenstone Total

Ounc

es (0

00’s)

March 2020

152

249 90

63

58

109

81

050

100150200250300350400450

2018 YE Cash Kumtor +MTM Adj FCF

DebtRepayments

KR SettlementExpense

Oksut Spend Dev Projects,G&A & Other

Q3 2019 Cash2 2

3

Highlights

Continued focus on safety leadership training/awareness

Maintained and strengthened our “Social Licence to Operate” at all operations with no interruptions for ~75 months

No reportable environmental incidents

OMAS (Öksüt) successfully completed audit in September 2019 maintaining full compliance with European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) E&S requirements

Committed to Company-wide conformance to the World Gold Council’s Responsible Gold Mining Principles

Commenced a 2019 ESG Issues Assessment – a key part of our 2020 sustainability strategy and reporting process

5

Centerra: 2019 ESG Operations Update

March 2020

Centerra: Committed to Responsible Gold Mining

• Centerra is implementing the World Gold Council’s Responsible Gold Mining Principles (RGMP) across our operations

• RGMP was designed to provide confidence to our investors and supply chain participants that our gold has been produced responsibly

• In April 2019, Kumtor participated in a ‘pilot walk through’ of the RGMP

• No major gaps or non-compliances were identified during the ‘soft’ assurance process

• In 2019, Centerra formed a working group at Kumtor to set-out a path towards full RGMP compliance

• In 2020, Centerra will develop working plans across all operating sites to achieve RGMP compliance company-wide

March 2020 6

7

Centerra has a strong track record of beating both production and AISC2 guidance

Operating Statistics vs. Guidance (mid-point) (koz Au)

(1) 2016 statistics and guidance excludes Mount Milligan (transaction closed in October 2016).(2) Non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s News Release February 11, 2020.(3) Low end of 2019 guidance, the Company expects to be below this guidance.

1

Centerra: Operational Results vs Guidance 2013-2019

March 2020

3

81

500

74

Cash Reserves Corporate Credit Facility Oksut Credit Facility

152

249 90

63

58

109

81

050

100150200250300350400450

2018 YE Cash Kumtor +MTM Adj FCF

DebtRepayments

KR SettlementExpense

Oksut Spend Dev Projects,G&A & Other

Q3 2019 Cash

Centerra: Q3-2019 Corporate Update

March 2020 8

Liquidity Profile Sept. 30, 2019 (US$MM’s)

Cash and Debt Profile4 (US$MM’s)

2019 Q3 YTD Cash Flow (US$MM’s)

Retained Earnings Profile (US$)

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

1,400

1,600

200420052006200720082009201020112012201320142015201620172018 Q32019

Gold

Pric

e (U

S$/o

z)

US$

Milli

ons

Retained Earnings Cumulative Dividends Gold Price1 Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at December 31, 2018 and $28.6MM restricted cash at September 30, 2019. 2 Represents the Company’s cash position at September30, 2019, excluding $28.6MM restricted cash.3 Undrawn amounts of the $150MM Öksüt credit facility & the $500MM corporate credit facility as at September 30, 2019. 4 Excludes leases. 5 Non-GAAP measure see MD&A and News Release October 30, 2019.

11

2 3 3

US$655MM

505

298

193 171103 104

409 417

152180

14081

0

100

200

300

400

500

600

Dec31 2016 Dec31 2017 Dec31 2018 Mar31 2019 Jun30 2019 Sep30 2019

US$

Milli

ons

Total Debt Cash

2

5

Centerra: AISC1 Comparison

9

$584

$711

$714

$817

$855

$944

$958

$995

$998

$1,006

$1,087

$1,107

$1,112

$1,161

Kirkland Lake

Centerra

Alacer

Endeavour

B2Gold

Alamos

Kinross

Yamana

Eldorado

Centamin

OceanaGold

SSR Mining

IAMGOLD

New Gold

Q3 YTD 2019 AISC1 (US$/oz) YoY Change in AISC1 (%)

(21%)

(17%)

(5%)

(5%)

(3%)

(1%)

(1%)

4%

6%

7%

8%

10%

17%

45%

Kirkland Lake

Centerra

Alacer

Alamos

Yamana

Kinross

New Gold

SSR Mining

Eldorado

IAMGOLD

Endeavour

Centamin

B2Gold

OceanaGold

March 2020

Source: Corporate disclosure1 AISC is presented on a co-product basis where applicable and is a Non-GAAP measure refer to “Non-GAAP Measures” in the Company’s MD&A and News Release dated October 30, 2019

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

730 9,100 16,008 23,666 30,082 36,417 39,898 42,962

AIS

C,

ne

t (U

S$

/oz

Au

)

Cumulative Gold Production (koz Au)

Centerra: Low-Cost Asset Base

10

AISC1 Industry Curve (By-Product Basis)

75% 100%50%25%

Kumtor($750-800/oz)

Centerra Gold($820-$870/oz Au)

Source: SNL Metals.1. AISC is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s News Release February 11, 2020 and is based on 2020 cost guidance, unless noted below.2. Kemess Underground AISC based on LOM plan as per National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings on SEDAR.3. Greenstone AISC based on LOM plan as per the NI 43-101 Technical Report on the Hardrock Project dated December 21, 2016.

Mount Milligan($885-$935/oz)

Öksüt($650-$700/oz)

Kemess Underground(US$244/oz)(2)

March 2020

2020 estimated gold production up to 820koz, copper production up to 90Mlbs, AISC1 of $820 to $870 per ounce Au Positioned to generate meaningful cash flow through the price cycles

Greenstone(US$600/oz)(3)

11

Centerra: Compelling Valuation

March 2020

P / NAVPS (x) P / 2020E CFPS (x) P / 2020E EPS (x)

1.38x

1.37x

1.28x

1.24x

1.12x

1.07x

1.01x

0.98x

0.84x

0.78x

0.75x

0.72x

0.58x

0.56x

B2Gold

Kirkland Lake

Yamana

SSR Mining

Centamin

Alacer

Endeavour

Kinross

Centerra

Alamos

OceanaGold

New Gold

IAMGOLD

Eldorado

9.1x

9.0x

8.4x

6.8x

6.2x

5.9x

5.5x

4.9x

4.9x

4.9x

4.0x

3.6x

3.2x

1.9x

SSR Mining

Alamos

Kirkland Lake

Centamin

B2Gold

Yamana

Alacer

Endeavour

Kinross

OceanaGold

IAMGOLD

Centerra

Eldorado

New Gold

23.2x

20.9x

18.3x

17.2x

14.4x

13.7x

13.2x

13.2x

13.1x

10.9x

10.6x

7.7x

7.5x

Alamos

Yamana

SSR Mining

Centamin

IAMGOLD

Kinross

Endeavour

OceanaGold

Kirkland Lake

B2Gold

Alacer

Eldorado

Centerra

Source: Capital IQNote: As at February 14, 2020

Centerra: Leading Capital Efficiency and Profitability

12

Source: Bloomberg as per latest financials

20%

14%

9%

9%

6%

6%

5%

3%

2%

2%

1%

1%

0%

(0%)

Kirkland Lake

Centamin

Centerra

OceanaGold

Alacer

B2Gold

SSR Mining

Kinross

Yamana

New Gold

Alamos

Endeavour

IAMGOLD

Eldorado

L3Y Return on Invested Capital (%) L3Y Return on Capital (%) L3Y Return on Equity (%)

23%

14%

9%

8%

6%

6%

6%

4%

2%

2%

1%

1%

1%

(0%)

Kirkland Lake

Centamin

Centerra

OceanaGold

B2Gold

Alacer

SSR Mining

Kinross

New Gold

Yamana

Alamos

Endeavour

IAMGOLD

Eldorado

19%

10%

10%

7%

6%

5%

5%

2%

1%

1%

1%

0%

(0%)

(1%)

Kirkland Lake

Centerra

OceanaGold

Alacer

B2Gold

SSR Mining

Centamin

Kinross

Yamana

New Gold

Endeavour

Eldorado

Alamos

IAMGOLD

March 2020

170U/G miners

207U/G miners

240U/G miners

240U/G miners

2017 2018 2019 2020E

Gold Production (koz) 563 535 600 520-560

All-In Sustaining Costs ($/oz) (1) $698 $694 $635-$685e $750-$800

Sustaining Capital ($MM) $61 $44 $45e $49

Growth Capital ($MM) $18 $17 $20e $18

Reserves(2) (Moz) 4.0

Au Grade (g/t) 2.4

Resources M&I(2) (Moz) 3.0

Au Grade (g/t) 2.9

World Class Cornerstone Asset Significant Open Pit Gold Production

YE target of 4,000tpd

Strategic Agreement – Completed August 26, 2019

Q3 2019 YTD generated $199MM adjusted free cash flow1

23 years of uninterrupted profitable production

Exploration potential, 2020 expected spending $20MM

Underground opportunity (inferred 3.4Moz @ 7.3 g/t)2

Strong stable platform to grow Centerra13March 2020

Kumtor: World Class Open Pit Gold Mine

1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release October 30, 2019 and February 11, 2020. (2) Refer to February 22, 2019 mineral reserves and resources news release.

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

200,000

350,000

500,000

650,000

2014 2015 2016 2017 2018 2019 2020 2021 2022

grad

e g/

t

Oun

ces

Kumtor: Exploration

March 2020 14Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.

Hockey Stick Zone

2019 drilling focused on the Hockey Stick Zone and continued to confirm gold mineralization outside the ultimate open pit

15

2017 2018 2019 2020E

Gold Production (koz) 223 195 183 140-160

Copper Production (Mlbs) 54 47 71 80-90

All-In Sustaining Costs(US$/oz)(1) $505 $764 $727-$821e $885-$935

Sustaining Capital ($MM) $30 $43 $45e $55

Gold Copper

Royal Gold Stream 35% @ US$435/oz

18.75% @ 15% of spot Cu price

Stable, mining-friendly jurisdiction

Low cost production

Q3 2019 YTD generated $51MM free cash flow1

Exploration potential, 2020 expected spending $7MM

Tax loss pools, no cash income taxes for the foreseeable future

Mount Milligan: Low Cost Gold Copper Mine

Meaningful Gold and Copper ProductionMeaningful Open Pit Gold and Copper Production

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release October 30, 2019 and News Release February 11, 2020.

205 223195

183

15059

5447

71

85

0102030405060708090

0

50

100

150

200

250

2016 2017 2018 2019 2020E 2016 2017 2018 2019 2020ECOPPER

Copp

erM

lbs

Gold

oun

ces

(000

’s)

GOLD

March 2020

16

Mine Type Open Pit, Heap Leach

Heap Leach Stacking Rate 11,000 tpd

Life of Mine Strip Ratio (w:o) 2:1

Avg. LOM Annual Production 110koz Au

2020e Gold Production (koz) 80-100

2020e All-in Sustaining Costs ($/oz)(1) $650-$700

2020e Growth Capital (US$MM) $29

P&P Reserves(2)(Moz) 1.3

Au grade (g/t)(2) 1.4

Project Highlights

First gold pour January 31, 2020

Total construction capital ~$200MM

2020 estimated gold production up to 100koz, atexpected AISC1 of $650 to $700 per ounce

EIA approval received in November 2015

Investment Incentive Certificate received in February 2018

Bought back Stratex and Teck royalties in 2015 & 2016

Catalyst Schedule

Öksüt Gold Project

(1) Non-GAAP measure see “Non-GAAP Measures” in the Company’s News Release of February 11, 2020.(2) Refer to February 22, 2019 news release and Technical Report on Öksüt Gold Project dated September 3, 2015.

Öksüt: Funded High Margin Gold Production

First Gold Pour

March 2020

17

Öksüt: 2019 Construction

Admin Offices and Crushing Area Keltepe Pit Mining Guneytepe Open Pit

Open Pit Mining Heap Leach Pad 1A+1B ADR Plant

March 2020

Kemess: C$1Billion of InfrastructureFly-in, Fly-out Work Camp Permitted Open Pit Tailings Storage Facility

Metallurgical Facility Kemess Proximity to Mount Milligan

18

Mount Milligan

Kemess Project Tsay Keh

Kwadacha (Fort Ware)

Dawson Creek

Prince GeorgePrinceRupert

Terrace SmithersFort St. James

TaklaLanding Mackenzie

Kemess Project

Omineca Resource Access RoadForest Service Road

0 200

Kilometres

100

Endako

March 2020

19

Kemess Underground – 2016 Feasibility Highlights(1)

Mine Type Underground Block Cave

Avg. LOM Gold Production (koz) 106

Avg. LOM By-Product AISC (US$/oz)(2) $244

Development Capex (C$MM)(3) C$604

P&P Au Reserves (Moz)(4) 1.9

P&P Au Reserve Grade (g/t) 0.5

P&P Cu Reserves (Mlbs)(4) 630

P&P Cu Reserve Grade (%) 0.266%

After-tax NPV5% (C$MM) C$258

Kemess East– 2017 PEA Highlights(1)

Mine Type Underground Panel Cave

Avg. LOM Gold Production (koz) 80

Avg. LOM By-Product AISC (US$/oz)(2) ($69)

Development Capex (C$MM) C$327

M&I Au Resource (Moz)(5) 2.3

M&I Au Grade (g/t) 0.4

M&I Cu Resource (Mlbs)(5) 1,410

M&I Cu Grade (%) 0.360%

After-tax NPV5% (C$MM) C$375

Kemess: Large, Low-Cost Production

KE Gold and Copper Production(1)KUG Gold and Copper Production(1)

--

20

40

60

80

--

40

80

120

160

Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13

Copp

er (

Mlb

s)

Gol

d (k

oz)

Project Schedule YearAu Cu

0

20

40

60

80

--

40

80

120

160

Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17

Copp

er (

Mlb

s)

Gol

d (k

oz)

Project Schedule YearAu Cu

(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 Technical Report for the Kemess Underground and Kemess East Project, British Columbia, Canada, available in the AuRico Metals filings on SEDAR. A preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

(2) AISC is a Non-GAAP measure, see MD&A and News Release October 30, 2019 and February 11, 2020.(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.(4) Kemess Underground reserves are estimated using a gold price of $1,250 per ounce, copper price of $3.00 per pound, an exchange rate of 1USD:1.25CAD and an NSR cut-off of C$17.30 per tonne.(5) Kemess East resources are estimated using a gold price of $1,475 per ounce, copper price of $3.50 per pound, an exchange rate of 1USD:1.25CAD and an NSR cut-off of C$17.30 per tonne.

March 2020

Mine Type Open Pit, CIP MillMill Throughput design 27,000 tpdAvg. LOM Annual Production 288koz AuAvg. LOM AISC(2) (US$/oz) $600Development Capex (US$MM) $962P&P Reserves(1)(Moz) 4.7Au grade (g/t) 1.02Life of Mine Recovery 90%Life of Mine Strip Ratio (w:o) 3.87:1NPV(5%) - after tax (US$MM) $545IRR - after tax 14.4%

50:50 development partnership with Premier Gold

Open pit reserves(1) 4.7Moz Au @ 1.02 g/t (100%)

Significant historic gold production of 4.12M oz (~1934-1970)

Large land package covers 337km2, good infrastructure

Significant exploration and underground resource potential

2017 final EIS/EA filed, mine permitting work underway

2018/2019 Federal and Provincial EA approval, all IBA’s signed

20

Cornerstone Canadian Development Project Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty

Greenstone Development Project

Location: Ontario, Canada

2016 Feasibility Highlights (100%) Projected Gold Production (100%)

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

(1) See Technical Report on the Hardrock Project dated December 21, 2016. (2) Non-GAAP measure, see “Non-GAAP Measures” in Company’s News Release February 11, 2020.

Geraldton

Beardmore

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

March 2020

Centerra: Potential Upside Optionality - Molybdenum

21

Molybdenum Price Movement Thompson Creek Mine

Endako Mine

● Located in Idaho, is the world’s fourth largest open-pit primary molybdenum mine

● Operations began in 1983, using conventional open-pit mining and a on-site 25,500 tpd mill

● In December 2014 placed on care and maintenance

● Endako Mine is a fully integrated molybdenum facility located in BC

● TCM is the operator and 75% owner; Sojitz owns 25%

● Endako consists of three adjoined pits and a fully integrated operation with on-site mill and multiple hearth roasting facility

● New 55,000 tpd processing facility was completed in 2012 for~US$500MM

● In July 2015 placed on care and maintenance

Langeloth Metallurgical Facility● Located 40 km west of Pittsburgh, Pennsylvania● Operates both as a toll processor and as a purchaser of molybdenum

concentrates from third parties, producing a suite of premium molybdenum products

● Cash flows from the Langeloth operations are not sufficient to cover the $12 to $14 million in care and maintenance expenses associated with the molybdenum mines

Historical Molybdenum Segment EBITDA(1)

$444

$126

$269 $265

$18

$126 $124

($21)

2008 2009 2010 2011 2012 2013 2014 2015

(US$MM)

(1) Prior to intersegment eliminations. Historical EBITDA not reported, therefore calculated based on historical segment disclosure from Thompson Creek Metals Company Inc. public filings.March 2020

$6.50

$10.65

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

Oct-1

6No

v-16

Dec-

16Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17Ju

l-17

Aug-

17Se

p-17

Oct-1

7No

v-17

Dec-

17Ja

n-18

Feb-

18M

ar-1

8Ap

r-18

May

-18

Jun-

18Ju

l-18

Aug-

18Se

p-18

Oct-1

8No

v-18

Dec-

18Ja

n-19

Feb-

19M

ar-1

9Ap

r-19

May

-19

Jun-

19Ju

l-19

Aug-

19Se

p-19

Oct-1

9No

v-19

Dec-

19Ja

n-20

Feb-

20

$ US

D pe

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nd

TSX: CGwww.centerragold.com