TSX: CGwww.centerragold.com

Investor PresentationJanuary 2021

BUILT FOR SUCCESS

Kumtor

Mount Milligan

Öksüt

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 forward looking information. Thewords “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-lookingstatements relate to, among other things: statements regarding 2020 Outlook, including guidance on production, cost and capital spend for the remainder of 2020, and the assumptions used in preparing; the impact, if any, of the KyrgyzParliamentary election annulment and the aftermath on the Kumtor mine; planned exploration for the remainder of 2020; possible impacts to its operations relating to COVID-19; the Company’s expectations regarding having sufficientliquidity for 2020; the planned mill shut down at the Kumtor mine scheduled for the fourth quarter of 2020; the Company’s expectation regarding having sufficient water at Mount Milligan in the medium term, and its plans for a long termsolution; time frame for completing the remaining construction at the Öksüt Mine; and expectations regarding litigation involving the Company including the HRS litigation impacting the Mount Milligan Mine, and the litigation involving theGreenstone Gold Property.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant technical, political, business, economic and competitiveuncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events todiffer 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 the Kyrgyz Republic, Turkey and Canada; thefailure of the Kyrgyz Republic Government to comply with its continuing obligations under the Strategic Agreement, including the requirement that it comply at all times with its obligations under the Kumtor Project Agreements, allow forthe continued operation of the Kumtor Mine by KGC and KOC and not take any expropriation action against the Kumtor Mine; actions by the Kyrgyz Republic Government or any state agency or the General Prosecutor's Office that serve torestrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressiveenforcement of, laws, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates or its current or former employees; risks that community activism may result in increasedcontributory demands or business interruptions; the risks related to outstanding litigation affecting the Company; the impact of the delay by relevant government agencies to provide required approvals, expertise and permits; potentialimpact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against variousRussian and Turkish individuals and entities; potential defects of title in the Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certaincircumstances; the presence of a significant shareholder that is a state-owned company of the Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra not being ableto replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relatingto financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-priced sales contracts for production at Mount Milligan, reliance on a few key customersfor the gold-copper concentrate at Mount Milligan, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on, the accuracy of the Company’s productionand cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from pursuing certain business activities or making distributions from its subsidiaries, theCompany’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make paymentsincluding any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability tosuccessfully manage such matters, including the movement of the Davidov Glacier, waste and ice movement and continued performance of the buttress at the Kumtor mine; the occurrence of further ground movements at the Kumtormine and mechanical availability; the risk of having sufficient water to continue operations at the Mount Milligan mine 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 to mitigate operationalrisks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collective agreements when required; therisk that Centerra’s workforce and operations may be exposed to widespread epidemic including, but not limited to, the COVID-19 pandemic; seismic activity in the vicinity of the Company’s properties; long lead times required forequipment and supplies given the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of the Company to addressphysical and transition risks from climate change and sufficiently manage stakeholder expectations on climate-related issues; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability toattract and retain qualified personnel; competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage its projects effectively and to mitigate thepotential lack of availability of contractors, budget and timing overruns and project resources. For additional risk factors, please see section titled “Risks Factors” in the Company’s most recently filed Annual Information Form available onSEDAR 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 may ultimately resultin 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 and technological factors which maychange 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 can give no assurances that any mineral resourceestimate will ultimately be reclassified as proven and probable reserves.

Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and indicated resources are sufficiently well defined to allow geologicaland grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the resource. Inferred resources are estimated on limited information not sufficient toverify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized asmineral reserves. There is no certainty that mineral resources of any category can be upgraded to mineral reserves through continued exploration.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary ordiffer 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 consideredcarefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward-looking information. Centerra assumes no obligation to update or revise forward-looking information toreflect 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, John Fitzgerald, Professional Engineer andCenterra’s Vice President Projects and Technical Services, has approved the scientific and technical information (other than exploration related information) contained in this presentation and is a Qualified Person within the meaning of NI43-101. For more information, please refer to the properties technical reports, which are available on SEDAR. All figures are in United States dollars unless otherwise stated.January 2021

http://www.sedar.com/

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2004200520062007200820092010201120122013201420152016201720182019 Q32020

Gold

Pric

e (U

S$/o

z)

US$

Milli

ons

Retained Earnings Cumulative Dividends Gold Price

1. Due to the rapidly evolving risks relating to COVID-19, this guidance may not reflect the Company’s estimates of its 2020 performance if there are any further significant disruptions to any of its operations. Readers are cautioned to carefully consider the risks identified in the Company’s news release and management’s discussion and analysis filed on November 4, 2020 and the Company’s most recently filed Annual Information Form.

2. All-in sustaining costs per ounce sold (AISC) and free cash flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020. 2020e AISC includes: Kumtor $750 to $800/oz, Mount Milligan $750 to $800/oz , Öksüt $500 to $550/oz, see MD&A and News Release November 4, 2020.

3. Contingent payments assume $1,500 gold price and GGM’s Hardrock Project meeting certain construction and / or production milestones, see News Releases December 15, 2020 and January 19, 2021.

Corporate HighlightsExceeded 2020 gold production guidance with gold production of 824koz, 2020 copper production of 82.8Mlbs, expected AISC1,2 of less than $740 per ounce

Sold our 50% interest in Greenstone Gold Mines Partnership for $210MM plus contingent payments of up to $75MM3

Q3 2020 consolidated operating cash flow of $359MM (Kumtor $208MM, Mount Milligan $70MM, Öksüt $85MM)

Q3 2020 consolidated Free Cash Flow2 of $281MM

Debt free Balance Sheet (cash of $484MM) Sept.30, 2020

Quarterly dividend increased to C$0.05 per common share

3

Centerra: Built For Success

January 2021

Retained Earnings Profile (US$)

Kumtor FCF2 (US$MM’s) Mount Milligan FCF2 (US$MM’s) Öksüt FCF2 (US$MM’s) Company-Wide FCF2 (US$MM’s)

96

157 157

0

30

60

90

120

150

180

Q1-2020 Q2-2020 Q3-2020

22

34

63

0

10

20

30

40

50

60

70

Q1-2020 Q2-2020 Q3-2020

(20)

5

74

(40)

(20)

0

20

40

60

80

Q1-2020 Q2-2020 Q3-2020

77

169

281

0

50

100

150

200

250

300

Q1-2020 Q2-2020 Q3-2020

Continued focus on safety leadership training/awareness

Maintained and strengthened our “Social Licenceto Operate” at all operations with no interruptions for ~87 months

A Level III reportable environmental incident at theKemess Underground Project (migratory birds)

Continued partnership with the Canadian Centre for Diversity & Inclusion (D&I) to advance Company’s D&I goals

Submitted our CDP Climate Change and inaugural CDP Forests Disclosure

Published our 2020 Tailings Storage Facility Disclosure

Continued implementation of the World Gold Council’s Responsible Gold Mining Principles (RGMP)

4

Centerra: Q3-2020 ESG Operations Update

January 2021

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

• Centerra has developed a three-year roadmap for all operating sites to achieve RGMP compliance

• Continued Company-wide management training and socialization of principles and requirements

• Operating sites progressed self-assessment process to identify strengths and areas for remediation

January 2021 5

6

Centerra has a strong track record of beating both production and AISC2 on a by-product basis 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 November 4, 2020.

1

Centerra: Operational Results vs Guidance 2013-2020

January 2021

1. All-in sustaining costs per ounce sold (AISC) and free cash flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020.

Operational HighlightsCOVID-19 – Maintaining Proactive Measures, Hygiene Protocols, Social Distancing, Travel Restrictions and Separating Work Crews when on Site

Safety – Öksüt achieved three million work hours without a lost time injury

Mount Milligan Produced Highest Level of Concentrate Tonnes Since Start of Operations (YTD 138,972 tonnes)

Q3 2020 Consolidated Gold Production of 241,448 Ounces and 23.3 million pounds of Copper

Q3 2020 Production Costs Per Ounce Sold of $386 ($326 at Kumtor, $612 at Mount Milligan, Öksüt at $354)

Q3 2020 All-In Sustaining Costs1 on a by-product basis of $528 Per Ounce Sold ($639 at Kumtor, $165 at Mount Milligan, Öksüt at $416)

Q3 2020 Cash Provided by Operations of $359MM (Kumtor $208MM, Mount Milligan $70MM, Öksüt $85MM)

7

Centerra: Q3 – 2020 Corporate Highlights

January 2021

Kumtor FCF1 (US$MM’s) Mount Milligan FCF1 (US$MM’s) Öksüt FCF1 (US$MM’s) Company-Wide FCF1 (US$MM’s)

96

157 157

0

30

60

90

120

150

180

Q1-2020 Q2-2020 Q3-2020

22

34

63

0

10

20

30

40

50

60

70

Q1-2020 Q2-2020 Q3-2020

(20)

5

74

(40)

(20)

0

20

40

60

80

Q1-2020 Q2-2020 Q3-2020

77

169

281

0

50

100

150

200

250

300

Q1-2020 Q2-2020 Q3-2020

1. Free cash flow (FCF) and all-in sustaining costs (AISC) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020.2. Due to the rapidly evolving risks relating to COVID-19, this guidance may not reflect the Company’s estimates of its 2020 performance if there are any further significant disruptions to any of its operations. Readers are cautioned to

carefully consider the risks identified in the Company’s news release and management’s discussion and analysis filed on November 4, 2020 and the Company’s most recently filed Annual Information Form.

Financial Highlights

Q3 2020 Net Earnings of $205.7MM or $0.70 per Common Share (basic)

Cash Provided by Operations of $359MM ($1.21 per share), (Kumtor $208MM, Mount Milligan $70MM, Öksüt $85MM)

Consolidated Free Cash Flow1 $281MM ($157MM from Kumtor, $63MM from Mount Milligan, $74MM from Öksüt)

Debt-free Balance Sheet, Cash Balance $484MM and Total Liquidity $984MM as at September 30, 2020

No Change to 2020 Production Guidance, Lowered All-in Sustaining Cost Guidance1,2 to $740 to $790 per ounce

Quarterly Dividend Declared of C$0.05 per common share

8

Centerra: Q3 – 2020 Corporate Highlights

January 2021

Kumtor FCF1 (US$MM’s) Mount Milligan FCF1 (US$MM’s) Öksüt FCF1 (US$MM’s) Company-Wide FCF1 (US$MM’s)

96

157 157

0

30

60

90

120

150

180

Q1-2020 Q2-2020 Q3-2020

22

34

63

0

10

20

30

40

50

60

70

Q1-2020 Q2-2020 Q3-2020

(20)

5

74

(40)

(20)

0

20

40

60

80

Q1-2020 Q2-2020 Q3-2020

77

169

281

0

50

100

150

200

250

300

Q1-2020 Q2-2020 Q3-2020

Centerra: Superior Cash Flow

January 2021 9

Cash Flow From Operations 3,5 (US$MM’s)

Consolidated Free Cash Flow 3,5 (US$MM’s)

AISC Margin Expansion4 (US$/oz)

Debt Free Balance Sheet1,2 (US$MM’s)

3110 0

77

169

281

1,2371,374 1,403

1,4871,620

1,806

0

500

1,000

1,500

2,000

-

-50

-100

-150

-200

-250

-300

-350

Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020Free Cash Flow (US$ millions) Realized Gold Price (US$/oz)

505

298

193

78136

0 0

409 417

152

43

194 212

484

0

100

200

300

400

500

600

Dec31 2016 Dec31 2017 Dec31 2018 Dec31 2019 Mar31 2020 Jun30 2020 Sep30 2020

Total Debt Cash

91 95 92121

268

359

1,2371,374 1,403

1,4871,620

1,806

02004006008001,0001,2001,4001,6001,8002,000

050

100150200250300350400450

Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020

Cash Provided By Operations (US$ millions) Realized Gold Price (US$/oz)

345

182

427

582 560 521

708604

775 816

1,278

0

200

400

600

800

1,000

1,200

1,400

Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020

1 Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at December 31, 2018 and $28MM restricted cash at December 31, 2019. 2 Excludes leases.3 Realized gold price, all-in sustaining costs on a by-product basis and free cash flow are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020.4 Represents realized gold price per ounce less all-in sustaining costs on a by-product basis per ounce sold excluding taxes. 5 Q3 2019 adjusted to exclude Kyrgyz Strategic Agreement Settlement Expense.

$527 $490

$258 $219 $191 $191 $167 $140$64 $38 $33 $21 $12

Centerra B2Gold Yamana Endeavour Eldorado Pretium PanAmerican

SSR Alamos Teranga IAMGOLD New Gold Equinox

($484)($357) ($317)

($257) ($214)($80)

$58$216 $260 $287 $290 $292

$641

Centerra IAMGOLD B2Gold SSR Alamos PanAmerican

Eldorado Equinox Pretium New Gold Endeavour Teranga Yamana

10

Centerra: Industry Leading FCF Generation

January 2021

YTD-2020 FCF as of September 30, 2020 (US$MM’s)

Source: Corporate disclosure and Capital IQ as of market close November 12, 2020Note: FCF calculated as net cash flow from operations (“OCF”) less capital expenditures (“Capex”)1 Includes FCF from Kumtor ($410 MM), Mount Milligan ($119 MM) and Öksüt ($59 MM), FCF is a non-GAAP measure discussed under “Non-GAAP Measures” in Centerra’s News Release and MD&A dated November 4, 20202 SSR includes H1-2020 FCF from Alacer (merger closed on September 16, 2020)

Net Debt / (Cash) Balance as of September 30, 2020 (US$MM’s)

21

20%

18%

16%

13%

11%

10%

10%

10%

9%

4%

3%

(8%)

Centerra

Endeavour

SSR Mining

Centamin

Kinross

B2Gold

Yamana

New Gold

Kirkland Lake

Alamos

Eldorado

IAMGOLD

11

Centerra: Industry Leading Free Cash Flow Yield

January 2021

Q2 2020 FCF Yield1 (%) 2020E FCF Yield2 (%) 2021E FCF Yield2 (%)

24%

24%

11%

9%

8%

6%

3%

3%

3%

1%

–

(1%)

Centerra

Centamin

Eldorado

B2Gold

Kinross

SSR Mining

Yamana

IAMGOLD

Kirkland Lake

New Gold

Endeavour

Alamos

15%

13%

11%

9%

8%

8%

7%

6%

4%

3%

2%

(3%)

Centerra

Centamin

Endeavour

B2Gold

Eldorado

Kinross

Yamana

Kirkland Lake

SSR Mining

Alamos

IAMGOLD

New Gold

Source: Corporate disclosure and FactSet as of market close October 27, 2020Note: FCF yield defined as annual FCF divided by market capitalization. FCF calculated as net cash flow from operations (“OCF”) less capital expenditures (“Capex”)1 Annualized figure based on Q2 2020A OCF and Capex 2 Based on consensus estimates for OCF and Capex per FactSet3 SSR Mining Q2 2020 FCF yield shown as SSR Q2 2020 FCF plus Alacer Q2 2020 FCF divided by pro forma market capitalization4 Endeavour Q2 2020 FCF yield shown on standalone basis, not including SEMAFO Q2 figures which were not disclosed. Based on 70% of current Endeavour market capitalization to represent market capitalization pre-combination with SEMAFO

4

3

12

Centerra: Compelling Valuation

January 2021

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

1.34x

1.30x

1.12x

1.02x

0.96x

0.95x

0.94x

0.90x

0.75x

0.69x

0.62x

0.48x

0.45x

Kirkland Lake

B2Gold

Yamana

New Gold

Centamin

Kinross

Endeavour

SSR Mining

Alamos

Centerra

Eldorado

OceanaGold

IAMGOLD

9.5x

9.3x

8.9x

7.7x

7.7x

5.9x

5.9x

5.4x

5.3x

5.3x

4.6x

3.7x

3.5x

Alamos

Kirkland Lake

SSR Mining

B2Gold

Yamana

Kinross

New Gold

Endeavour

Centamin

Eldorado

IAMGOLD

OceanaGold

Centerra

21.8x

19.1x

15.3x

15.1x

13.4x

13.2x

13.1x

12.1x

11.8x

10.6x

6.9x

Alamos

Yamana

SSR Mining

IAMGOLD

Kirkland Lake

Centamin

B2Gold

Eldorado

Kinross

Endeavour

Centerra

Source: Capital IQNote: As at October 26, 2020; SSR Mining shown pro forma Alacer transaction

(19%)

(8%)

(4%)

7%

8%

10%

11%

12%

19%

23%

26%

28%

33%

B2Gold

Eldorado

Centamin

Kinross

IAMGOLD

Yamana

Endeavour

Centerra

Alamos

OceanaGold

New Gold

Kirkland Lake

SSR Mining

Centerra: AISC1 Comparison

13

$717

$763

$790

$899

$902

$918

$988

$1,074

$1,117

$1,216

$1,237

$1,370

$1,418

B2Gold

Kirkland Lake

Centerra

Centamin

Eldorado

Endeavour

Kinross

Yamana

Alamos

IAMGOLD

OceanaGold

New Gold

SSR Mining

1H 2020 AISC1 (US$/oz) YoY Change in AISC1 (%)

January 2021

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 November 4, 2020

$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

14

AISC2 Industry Curve (By-Product Basis)

75% 100%50%25%

Kumtor($750-800/oz)

Centerra Gold($740-$790/oz Au)

Source: SNL Metals.1. Due to the rapidly evolving risks relating to COVID-19, this guidance may not reflect the Company’s estimates of its 2020 performance if there are any further significant disruptions to any of its operations. Readers are cautioned to carefully

consider the risks identified in the Company’s news release and management’s discussion and analysis filed on November 4, 2020 and the Company’s most recently filed Annual Information Form.2. AISC is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s News Release November 4, 2020 and is based on 2020 revised cost guidance, unless noted below.3. 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.

Mount Milligan($750-$800/oz)

Öksüt($500-$550/oz)

Kemess Underground(US$244/oz)(3)

January 2021

20201 estimated gold production up to 820koz, copper production up to 90Mlbs, AISC2 of $740 to $790 per ounce Au Positioned to generate meaningful cash flow through the price cycles

Strategic Agreement – Completed August 26, 2019

Sept.30, 2020 YTD operating cash flow of $563MM

Sept.30, 2020 YTD free cash flow1 of $410MM

23 years of uninterrupted profitable production

112% increase in Measured & Indicated Resources2

Exploration potential, 2020 expected spending $20MM

Underground opportunity (inferred 3.1Moz @ 7.54 g/t)2

2017 2018 2019 2020

Gold Production (koz) 563 535 600 556

All-In Sustaining Costs ($/oz) (1) $698 $694 $598 $750-$800e

Sustaining Capital ($MM) $61 $44 $39 $68e

Growth Capital ($MM) $18 $17 $16 $18e

Reserves(2) (Moz) 3.2

Au Grade (g/t) 2.31

Resources M&I(2) (Moz) 6.3

Au Grade (g/t) 3.03

World Class Cornerstone Asset Kumtor Free Cash Flow1 (US$MM’s)

15January 2021

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 November 4, 2020. (2) Refer to March 26, 2020 mineral reserves and resources news release.

96

157 157

0

30

60

90

120

150

180

Q1-2020 Q2-2020 Q3-2020

Kumtor: Exploration

January 2021 16Boris 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 confirmed gold mineralization outside the ultimate open pit

- 2020 drilling focused on: Extending Southwest and Sarytor Pits

resources Evaluating oxide mineralization

potential along Kumtor Lower Thrust (Sarytor, Hope, Triangle, Muzdusuuand Northeast)

Testing potential targets in the Bordoo– Akbel areas

Hope ZoneKoshuluu Zone 1.

87

2.80

1.48

1.33

0.01

0.01

0.01

SW-18-272A

Bla

ck T

hru

st

SW-18-272A discovery hole of significant oxide goldconfirmed by hole SW-20-317 w/ 158 m @ 2.95 g/t Au

SW-20-317

0.02

0.05

0.05

0.06

0.06

2.75

0.64

0.46

Bla

ck T

hru

st

A

A’

Ꝑ3

Kumtor: Southwest Deposit – Oxide MineralizationN

January 2021 17Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.

Kumtor: Mineral Resources1Exclusive of Reserves (Year-over-Year Change)

Kumtor Open Pit2018 Resources

Tonnes(kt) Au (g/t)

Ounces(koz)

Measured – SB & Stockwork 17,853 3.03 1,740

Indicated – SB & Stockwork 12,442 2.71 1,085

M&I – SB & Stockwork 30,294 2.90 2,826

Measured – Sarytor & SW 155 1.66 8

Indicated – Sarytor & SW 1,754 2.11 119

M&I – Sarytor & SW 1,909 2.07 127

Total M&I 32,203 2.85 2,953

Inferred – SB & Stockwork 2,215 1.22 87

Inferred – Sarytor & SW 755 2.56 62

Total - Inferred 2,970 1.56 149

Kumtor Open Pit2019 Resources

Tonnes(kt) Au (g/t)

Ounces(koz)

Measured – SB & Stockwork 21,308 4.10 2,807

Indicated – SB & Stockwork 39,094 2.47 3,102

Subtotal M&I – SB & Stockwork 60,402 3.04 5,909

Measured – Sarytor & SW - - -

Indicated – Sarytor & SW 4,097 2.78 366

Subtotal M&I – Sarytor & SW 4,097 2.78 366

Total M&I 64,499 3.03 6,275

Inferred – SB & Stockwork 17,607 1.96 1,109

Inferred – Sarytor & SW 3,380 2.27 247

Total - Inferred 20,987 2.01 1,356

Kumtor U/G2018 Resource

Tonnes(kt) Au (g/t)

Ounces(koz)

Inferred – UG Resource 14,477 7.33 3,409

Kumtor U/G2019 Resource

Tonnes(kt) Au (g/t)

Ounces(koz)

Inferred – UG Resource 12,883 7.54 3,125

1. As at December 31, 2019, see Mineral Reserves and Resources News Release March 26, 2020.

January 2021 18

112% Increase in Measured & Indicated Resources

Kumtor Open Pit2018 Reserves

Tonnes(kt) Au (g/t)

Ounces(koz)

Proven & Probable – Reserves 51,631 2.42 4,018

Kumtor Open Pit2019 Reserves

Tonnes(kt) Au (g/t)

Ounces(koz)

Proven & Probable – Reserves 43,295 2.31 3,214

19

2017 2018 2019 2020

Gold Production (koz) 223 195 183 162

Copper Production (Mlbs) 54 47 71 83

All-In Sustaining Costs ($/oz)(1) $505 $764 $828 $750-$800e

Sustaining Capital ($MM) $30 $43 $36 $55e

Gold Copper

Royal Gold Stream 35% @ US$435/oz18.75% @ 15% of

spot Cu price

Stable, mining-friendly jurisdiction

Sept.30, 2020 YTD operating cash flow of $141MM

Sept.30, 2020 YTD free cash flow1 of $119MM

Exploration potential, 2020 expected spending $7MM

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

Mount Milligan: Low-Cost Gold Copper Mine

Mount Milligan Free Cash Flow1 (US$MM’s)Meaningful 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 November 4, 2020. Revised AISC guidance, reduced to $750-$800 per ounce sold, November 4, 2020. January 2021

22

34

63

0

10

20

30

40

50

60

70

Q1-2020 Q2-2020 Q3-2020

Mount Milligan: Available Water – Sept. 30, 2020

20January 2021

Mount Milligan: Life-of-Mine Plan

Cash Flow Summary1

January 2021 21

1. Effective date December 31, 2019, see NI 43-101 Technical Report on the Mount Milligan Mine dated March 26, 2020 and filed on SEDAR.

22

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

2020 Gold Production (koz) 106

Revised 2020e All-in Sustaining Costs ($/oz)(1) $500-$550e

2020e Growth Capital ($MM) $29e

P&P Reserves(2)(Moz) 1.3

Au grade (g/t)(2) 1.35

Project Highlights

First gold pour January 31, 2020;Commercial production achieved May 31, 2020

Sept.30, 2020 YTD operating cash flow of $84MM

Sept.30, 2020 YTD free cash flow1 of $59MM

EIA approval received in November 2015; EIA amendment received July 2020

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 MD&A and News Release of November 4, 2020. (2) Refer to March 26, 2020 news release and Technical Report on Öksüt Gold Project dated September 3, 2015.

Öksüt: Funded High Margin Gold Production

Öksüt Free Cash Flow1 (US$MM’s)

January 2021

(20)

5

74

(40)

(20)

0

20

40

60

80

Q1-2020 Q2-2020 Q3-2020

23

Öksüt: Site Photos

Open Pit Mining Open Pit Mining

Heap Leach Pads Stacked Ore on Heap Leach Pad Irrigating Stacked Ore

January 2021

Admin Offices and Crushing Area

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

Metallurgical Facility Kemess Proximity to Mount Milligan

24

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

January 2021

25

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) 0.54

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

P&P Cu Reserve Grade (%) 0.27%

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) 0.40

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

M&I Cu Grade (%) 0.36%

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 November 4, 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 $1,450 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.January 2021

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2004200520062007200820092010201120122013201420152016201720182019 Q32020

Gold

Pric

e (U

S$/o

z)

US$

Milli

ons

Retained Earnings Cumulative Dividends Gold Price

1. Due to the rapidly evolving risks relating to COVID-19, this guidance may not reflect the Company’s estimates of its 2020 performance if there are any further significant disruptions to any of its operations. Readers are cautioned to carefully consider the risks identified in the Company’s news release and management’s discussion and analysis filed on November 4, 2020 and the Company’s most recently filed Annual Information Form.

2. All-in sustaining costs per ounce sold (AISC) and free cash flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020. 2020e AISC includes: Kumtor $750 to $800/oz, Mount Milligan $750 to $800/oz , Öksüt $500 to $550/oz, see MD&A and News Release November 4, 2020.

3. Contingent payments assume $1,500 gold price and GGM’s Hardrock Project meeting certain construction and / or production milestones, see News Releases December 15, 2020 and January 19, 2021.

Corporate HighlightsExceeded 2020 gold production guidance with gold production of 824koz, 2020 copper production of 82.8Mlbs, expected AISC1,2 of less than $740 per ounce

Sold our 50% interest in Greenstone Gold Mines Partnership for $210MM plus contingent payments of up to $75MM3

Q3 2020 consolidated operating cash flow of $359MM (Kumtor $208MM, Mount Milligan $70MM, Öksüt $85MM)

Q3 2020 consolidated Free Cash Flow2 of $281MM

Debt free Balance Sheet (cash of $484MM) Sept.30, 2020

Quarterly dividend increased to C$0.05 per common share

26

Centerra: Built For Success

January 2021

Retained Earnings Profile (US$)

Kumtor FCF2 (US$MM’s) Mount Milligan FCF2 (US$MM’s) Öksüt FCF2 (US$MM’s) Company-Wide FCF2 (US$MM’s)

96

157 157

0

30

60

90

120

150

180

Q1-2020 Q2-2020 Q3-2020

22

34

63

0

10

20

30

40

50

60

70

Q1-2020 Q2-2020 Q3-2020

(20)

5

74

(40)

(20)

0

20

40

60

80

Q1-2020 Q2-2020 Q3-2020

77

169

281

0

50

100

150

200

250

300

Q1-2020 Q2-2020 Q3-2020

TSX: CGwww.centerragold.com

Appendix

BUILT FOR SUCCESS

Kumtor

Mount Milligan

Öksüt

Centerra: COVID-19 Update

• Priority is the health, safety and well-being of employees, contractors, communities and other stakeholders, and to minimize spread of virus at operations and local communities

• Working remotely successfully and where possible

• Restrict access to mine sites continues

• Increased cleaning and hygiene protocols at all sites/offices, including temperature checks and health/activity questionnaires before site/office entry

• Kumtor• Extended crew rotation from two-week to up to four weeks, currently have returned to regular rotation but monitoring• On site work crews separated by department• Maintain social distancing and cleaning, shielding and hygiene protocols in camp• Replacement crews segregated and brought in early to monitor health at an offsite facility; thoroughly health and exposure

screening prior to crew change• Any sign of medical issues, immediate removal from site, then testing

• Mount Milligan• Early April reduced mining activity resulting in a significant manpower reduction to help prevent spread of virus but now back

to normal levels• Mill continued to process at full capacity in 3rd q to now• Continue social distancing and increased cleaning and hygiene protocols in camp• Removal of employees or contracts at first sign of any medical signs

• Öksüt• Running mine at full production since April 18• Continued to stack ore onto heap leach pad, irrigate the pad and operated ADR plant• Continue social distancing and increased cleaning and hygiene protocols• Provide social distancing on buses for crew change, required PPE including masks for workers on site

January 2021 28

Centerra: Diesel and FX Hedging Programs

29

Canadian Dollar Hedging Program(1)Diesel Hedging Program(1)

Q4 2020

(1) Hedging coverage ratios and exposures based on mine site forecasted exposures as of September 30, 2020.(2) The notional amount for USD/CAD derivatives are in $000’s of CAD and fuel derivatives are denoted in barrels.

2021

Q1 – Q3 2022

Q4 2020 2021 Q1 - Q3 2022Derivative Hedge Rate Notional(2) Notional(2) Notional(2)USD/CAD

FX Collars $1.33/$1.39 $48,000 $190,800 $137,000FX Forwards $1.38 $45,000 $102,000 $10,000

Brent Crude OilSwaps $43 n/a 206,485 18,850Zero-Cost Collars $44/$50 79,090 79,712 79,966

Ultra-Low-Sulfur DieselSwaps $55 30,000 231,655 33,850Zero-Cost Collars $60/$67 94,391 56,404 94,966

January 2021

Centerra: 2020 Exploration - Map of Projects

30January 2021

2016A 2017A 2018A 2019A 2020E

Exploration spending ($MM) $11 $13 $21 $28 $50

NPI (Resource)• 69 drill holes completed (25,961 m)• 6 zones (South Boundary, Southern Star,

Saddle, GEF, MBX/WBX, Oliver)Brownfield• 26 drill holes completed (12,137 m)• 5 zones (North Slope, Goldmark, Goldmark-

Oliver, Saddle West, South Boundary)Greenfield• 4 drill holes completed (1,228 m)• 1 zone (Heidi)2019 Total: 99 drill holes (39,326 m)

North

January 2021 31C. Paul Jago, a Member of the Engineers and Geoscientists British Columbia, is Centerra’s qualified person for the purpose of National Instrument 43-101.

Mount Milligan: Exploration

Boztepe & Boztepe WestPorphyry Cu/Au Target

BüyüktepeOxide Au Target

Keltepe NW-Keltepe NOxide Au &

Supergene Cu Target

Keltepe & GüneytepeOxide Au Resource & Supergene Cu Target

YelibelenOxide Au Target

Keltepe Pit

Güneytepe Pit

Western Asia, Europe and West Africa

32

Öksüt: Exploration Targets

January 2021Mustafa Cihan, a Member of the Australian Institute of Professional Geoscientists (AIG), is Centerra’s qualified person for the purpose of National Instrument 43-101.

Centerra: Potential Upside Optionality - Molybdenum

33

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.January 2021

Centerra: Leading Capital Efficiency and Profitability

34

Source: Bloomberg as per latest financials

20%

13%

9%

8%

5%

5%

5%

3%

2%

2%

2%

0%

0%

Kirkland Lake

Centamin

B2Gold

Centerra

OceanaGold

Kinross

SSR Mining

Endeavour

Yamana

Alamos

New Gold

IAMGOLD

Eldorado

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

23%

11%

10%

8%

5%

4%

2%

2%

2%

2%

1%

1%

(0%)

Kirkland Lake

Centamin

B2Gold

Centerra

Kinross

OceanaGold

SSR Mining

Alamos

Yamana

Endeavour

New Gold

IAMGOLD

Eldorado

21%

9%

8%

7%

7%

4%

1%

1%

0%

0%

(0%)

(1%)

(2%)

Kirkland Lake

B2Gold

Centerra

OceanaGold

Centamin

Kinross

SSR Mining

Yamana

Eldorado

Alamos

IAMGOLD

New Gold

Endeavour

January 2021

Centerra: Q3 - 2020 Corporate Update

January 2021 35

Cash Flow From Operations 3,5 (US$MM’s)

Consolidated Free Cash Flow 3,5 (US$MM’s)

AISC Margin Expansion4 (US$/oz)

Debt Free Balance Sheet1,2 (US$MM’s)

3110 0

77

169

281

1,2371,374 1,403

1,4871,620

1,806

0

500

1,000

1,500

2,000

-

-50

-100

-150

-200

-250

-300

-350

Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020Free Cash Flow (US$ millions) Realized Gold Price (US$/oz)

505

298

193

78136

0 0

409 417

152

43

194 212

484

0

100

200

300

400

500

600

Dec31 2016 Dec31 2017 Dec31 2018 Dec31 2019 Mar31 2020 Jun30 2020 Sep30 2020

Total Debt Cash

91 95 92121

268

359

1,2371,374 1,403

1,4871,620

1,806

02004006008001,0001,2001,4001,6001,8002,000

050

100150200250300350400450

Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020

Cash Provided By Operations (US$ millions) Realized Gold Price (US$/oz)

345

182

427

582 560 521

708604

775 816

1,278

0

200

400

600

800

1,000

1,200

1,400

Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020

1 Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at December 31, 2018 and $28MM restricted cash at December 31, 2019. 2 Excludes leases.3 Realized gold price, all-in sustaining costs on a by-product basis and free cash flow are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020.4 Represents realized gold price per ounce less all-in sustaining costs on a by-product basis per ounce sold excluding taxes. 5 Q3 2019 adjusted to exclude Kyrgyz Strategic Agreement Settlement Expense.

Centerra: Q3-2020 AISC1 Margin2 Expansion

Consolidated Kumtor

Mount Milligan Öksüt

262295

161 120

557

23

306

616

1264

0

200

400

600

800

1000

1200

1400

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

$/oz

Margin AISC

1208

1494

0

200

400

600

800

1000

1200

1400

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

$/oz

Margin AISC

427582

560

521

708604

775 816

1278

0

200

400

600

800

1000

1200

1400

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

$/oz

Margin AISC

533

706 744 727838 811

911985

1248

0

200

400

600

800

1000

1200

1400

Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

$/oz

Margin AISC

January 2021 361 All-in sustaining costs on a by-product basis (AISC) is a non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release November 4, 2020.2 Represents realized gold price per ounce less all-in sustaining costs on a by-product basis per ounce sold excluding taxes.

Centerra: Q3-2020 Other Financial Highlights

37

1 Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated November 4, 2020. 2 Excludes leases.3 Due to the rapidly evolving risks relating to COVID-19, this guidance may not reflect the Company’s estimates of its 2020 performance if there are any further significant disruptions to any of its operations. Readers are cautioned to carefully consider the risks identified in the Company’s news release and MD&A filed on November 4, 2020 and the Company’s most recently filed Annual Information Form.

January 2021

Debt Free Balance Sheet2 YTD 2020 Consolidated Gold Production

Gold Sales of 238,069 ounces / Copper Sales of 21.7 million pounds in Q3 2020

Q3 2020 Net Earnings and Adjusted1 Net Earnings of $205.7MM, $0.70 per common share (basic)

Q3 2020 Production Costs of $386 per ounce sold (Kumtor $326/oz., Mount Milligan $612/oz. and Öksüt $354/oz.)AISC1 of $528 per ounce (Kumtor $639/oz., Mount Milligan $165/oz. and Öksüt $416/oz.)

Q3 2020 Cash Provided by Operations of $358.8MM ($1.21 per share), YTD Company-wide $748MM ($2.53 per share)

Q3 2020 Company-wide Free Cash Flow1 of $281MM, YTD Company-wide Free Cash Flow1 of $526.9MM

Quarterly Dividend declared of C$0.05 per common share

On track to achieve 2020 Production and Updated Cost Guidance3

Q1 2020190,474 oz

YTD 2020651,614 oz

2020 Guidance3740,000 oz – 820,000 oz

Q2 2020219,692 oz

505

298

193

78136

0 0

409 417

152

43

194 212

484

0

100

200

300

400

500

600

Dec31 2016 Dec31 2017 Dec31 2018 Dec31 2019 Mar31 2020 Jun30 2020 Sep30 2020

Total Debt Cash

Q3 2020241,448 oz

Centerra: Q3-2020 Operating Highlights

38

Q3 2020 Q3 2019Gold ounces produced 241,448 205,660Copper produced (000’s payable lbs) 23,305 21,229Kumtor All-in Sustaining Costs on a by-product basis per ounce sold(1) $639 $626Mount Milligan All-in Sustaining Costs on a by-product basis per ounce sold(1) $165 $557Öksüt All-in Sustaining Costs on a by-product basis per ounce sold(1) $416 -Consolidated All-in Sustaining Costs on a by-product basis per ounce sold(1) $528 $6661. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated November 4, 2020.

Öksüt achieved three million work hours without a lost time injury

Q3 2020 gold production - Kumtor 140,182 oz, Mount Milligan 49,854 oz, Öksüt 51,412 ozQ3 2020 copper production - Mount Milligan 23.3 million pounds

Kumtor received permit to utilize Lysii Valley for placement of waste rock. Completed construction and preparation of haul roads and restarted waste dumping in Lysii Valley

Mount Milligan produced highest level of concentrate tonnes in quarter and year to date since start of operations in 2014

Mount Milligan stored water inventory in excess of 7 million m3 enabling mill to operate at full capacity as planned for 2020

Öksüt received EIA amendment permit for expanded footprint of open pit design

January 2021

Centerra: 2020 Operations Key Focus

January 2021 39

Improve Safety Performance Company-wide

Continue Ramp up Öksüt Gold Production, Complete Crusher Modifications

Adequate Volumes of Stored Water at Mount Milligan to Run at Full Capacity for the Year

Focus on Consistent and Improved Production at the Mount Milligan Mine

Cost Control with a Prominent Focus at the Mount Milligan Mine

Continue to advance Kumtor Technical Report

Value Creation with Brownfield Exploration Across All Operations

Mount Milligan: Short & Medium-term Water Sources

40January 2021

41

Kemess Underground (Feasibility – 2016)(1)

• Reserves of 1.9Moz Au and 0.6Blbs Cu(2)• LOM of 12 years at 106koz Au/p.a. and 47Mlbs/p.a. at

AISC(3) of $244/oz on a by-product basis • Environmental approvals and IBA received• Received Mines Act Permit (construction permit)• Received Effluent Discharge Permit• Received Air Emissions Permit

Kemess East (PEA – May 2017)(1)

• M&I resources of 1.7Moz and 1.4Blbs Cu(2)• LOM of 12 years at 80koz Au/p.a. and 57Mlbs/p.a. at

AISC(3) of (US$69/oz) on a by-product basis

Kemess South (Past Producer: 1998 – 2011)• ~C$1 billion of infrastructure in-place (including a 25,000

tpd mill, grid power, road, maintenance shop, etc.)• Past production of 3.0Moz Au and 750Mlbs Cu− Brownfields opportunity significantly reduces risk

Kemess: Overview

(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) Refer to March 26, 2020 mineral reserves and resources news release.(3) AISC is a Non-GAAP measure, see “Non-GAAP Measures” in Company’s MD&A and News Release November 4, 2020.January 2021

42

Expected Catalyst ScheduleKemess Underground EA Approval Received – Q1 2017

First Nations IBA Received – Q2 2017

Kemess Underground Permit Received – July 2018

Effluent Discharge Permit Received – September 2018

Air Emissions Permit Received – April 2019

Kemess: De-Risked Brownfield Project(1)

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

Kilometers

100

Endako

• Established mining jurisdiction• Advanced-stage

− EA Approved, IBA in hand, Amended Mines Act Permit (construction permit) received, Effluent Discharge and Air Emissions Permit received, FS complete

• Low-risk brownfield development• C$1 billion of existing infrastructure

− 25,000 tpd mill, road, power, tailings, rail load-out, camp, airstrip

• Sizeable resource1− Kemess Underground(2): P&P of 1.9Moz gold and

0.6Blbs copper and M&I (including P&P) of 3.6Moz gold and 1.3Blbs copper

− Kemess East(3): M&I of 2.3Moz Au and 1.4Blbs Cu

• Long life − 12 years at Kemess Underground plus a further

12 years at Kemess East, with exploration upside

• Highly marketable clean concentrate(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.

Kemess East Project (KE) 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) Kemess Underground P&P 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. M&I resources are estimated using a gold price of $1,450 per ounce, copper price of $3.50 per pound, an exchange rate of 1USD:1.25CAD and an NSR cut-off of C$15.00 per tonne.

(3) Kemess East resources are estimated using a gold price of $1,450 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.January 2021

Centerra: Investor Relations Highlights

43

Research Coverage

Brokerage Firms Rating Target

1. BofA Merrill Lynch Buy C$16.25

2. Canaccord Genuity Buy C$18.00

3. CIBC World Markets Outperform C$19.00

4. Cormark Securities Buy C$25.00

5. Credit Suisse Hold C$16.00

6. Global Mining Research Buy C$16.60

7. National Bank Financial Outperform C$21.50

8. Raymond James Outperform C$19.50

9. Scotiabank Outperform C$20.00

10. TD Securities Hold C$16.50

Average C$18.84

Top Ten (10) Institutional Shareholders

Institution/Firm Sept.30-2020

1. Blackrock 11.07%

2. Van Eck Associates 8.92%

3. Ruffer LLP 5.01%

4. Dimensional Fund Advisors 3.38%

5. Connor Clark & Lunn 2.13%

6. Vanguard Group 2.11%

7. Kopernik Global 1.51%

8. Franklin Advisors 1.47%

9. RBC Global Asset Management 1.28%

10. Baker Steel Capital Management 1.24%

TOTAL 38.12%

January 2021

Board of Directors Background

MICHAEL S. PARRETT Chairman Appointed Director of Centerra’s Board, May 2014

BRUCE V. WALTER Vice Chair Appointed Director of Centerra’s Board, May 2008

SCOTT G. PERRY Director Appointed Director of Centerra’s Board, January 2016

TENGIZ BOLTURUK Director Appointed Director of Centerra’s Board, December 2020

RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012

DUSHEN KASENOV Director Appointed Director of Centerra’s Board, May 2019

MAKSAT KOBONBAEV Director Appointed Director of Centerra’s Board, May 2019

JACQUES PERRON Director Appointed Director of Centerra’s Board, October 2016

SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008

PAUL N. WRIGHT Director Appointed Director of Centerra’s Board, May 2020

SUSAN L. YURKOVICH Director Appointed Director of Centerra’s Board, May 2018

Centerra: Directors

44January 2021

TSX: CGwww.centerragold.com

Investor PresentationJanuary 2021

BUILT FOR SUCCESS

Kumtor

Mount Milligan

Öksüt

Slide Number 1Caution Regarding Forward-Looking InformationCenterra: Built For SuccessCenterra: Q3-2020 ESG Operations UpdateCenterra: Committed to Responsible Gold Mining Slide Number 6Centerra: Q3 – 2020 Corporate HighlightsCenterra: Q3 – 2020 Corporate HighlightsCenterra: Superior Cash FlowCenterra: Industry Leading FCF GenerationCenterra: Industry Leading Free Cash Flow YieldCenterra: Compelling ValuationCenterra: AISC1 ComparisonCenterra: Low-Cost Asset BaseKumtor: World Class Open Pit Gold MineSlide Number 16Kumtor: Southwest Deposit – Oxide MineralizationKumtor: Mineral Resources1�Exclusive of Reserves (Year-over-Year Change) Mount Milligan: Low-Cost Gold Copper MineMount Milligan: Available Water – Sept. 30, 2020Mount Milligan: Life-of-Mine PlanÖksüt: Funded High Margin Gold ProductionÖksüt: Site PhotosKemess: C$1Billion of InfrastructureKemess: Large, Low-Cost ProductionCenterra: Built For SuccessSlide Number 27Centerra: COVID-19 UpdateCenterra: Diesel and FX Hedging ProgramsCenterra: 2020 Exploration - Map of ProjectsSlide Number 31Slide Number 32Slide Number 33Centerra: Leading Capital Efficiency and ProfitabilityCenterra: Q3 - 2020 Corporate UpdateCenterra: Q3-2020 AISC1 Margin2 ExpansionCenterra: Q3-2020 Other Financial HighlightsCenterra: Q3-2020 Operating Highlights Centerra: 2020 Operations Key FocusMount Milligan: Short & Medium-term Water SourcesKemess: OverviewKemess: De-Risked Brownfield Project(1)Centerra: Investor Relations Highlights Centerra: DirectorsSlide Number 45