Investor PresentationFebruary 2019 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. Suchforward-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 lookinginformation. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information.These forward-looking statements relate to, among other things: the Company’s expectations regarding the timing of the Kumtor Settlement Agreement and the successful resolution of outstanding claims and proceedingsimpacting the Kumtor Project and its current and former employees; expectations regarding the positive receipt and timing of environmental assessment certificate amendments and permits to implement the Company’s mediumterm water strategy, including the details of any such amendment and permit, and the Company’s plans and timing for developing and submitting requests to implement a long term solution to the Mount Milligan water sufficiencyissues, including consultations with Indigenous communities and regulators; expectations regarding the construction progress at the Öksüt project and first gold pour; the Company’s cash at hand, working capital, future cash flowsand existing credit facilities being sufficient to fund anticipated operating cash requirements and statements found under the heading “2019 Outlook”, including forecast 2019 production figures and costs, capital and explorationexpenditures and taxes.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant 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 that could cause actual results or events to differmaterially 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 and Canada; risks that any ofthe conditions precedent to the Strategic Agreement will not be satisfied in a timely manner or at all, particularly as the Government may not bind the General Prosecutor’s Office or the Parliament of the Kyrgyz Republic; a decisionby the 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 or criminal proceedings against Centerra, its subsidiaries or otherstakeholders; the failure of the 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 for the continued operation of the Kumtor Mine by KGC and KOC and not take any expropriatory action; actions by the Government or any state agency or the General Prosecutor's Office that serve to restrict or otherwiseinterfere 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 aggressive enforcement of, laws,regulations and government practices, including with respect to the environment, in the jurisdictions in which the Company operates including any delays or refusals to grant required permits and licenses, unjustified civil or criminalaction against the Company, its affiliates or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the impact of any actions taken by the KyrgyzRepublic Government and Parliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under the Kumtor Project Agreements; any impact on the purported cancellation ofKumtor’s land use rights at the Kumtor Project; the risks related to other outstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the impact of the delay by relevant government agencies toprovide required approvals, expertises and permits; potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the impact of constitutional changes in Turkey; the impact of any sanctions imposedby Canada, the United States or other jurisdictions against various Russian 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 itssubsidiaries to enforce their legal rights in certain circumstances; 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 theconcentration of assets in Central Asia; Centerra’s future exploration and development activities not being successful; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to theCompany’s properties which are in proximity to Indigenous 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 thevolatility of gold, copper and other mineral 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 ofcommodity derivatives, the imprecision 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 restrictivecovenants 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, the Company’s ability to obtain futurefinancing, 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 payments including any payments ofprincipal 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 to successfully managesuch matters, 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 thefinancial 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 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-negotiate collective agreements when required; therisk 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 and supplies given the remote location of some of theCompany’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’sability to attract and retain qualified personnel; competition for mineral acquisition opportunities; and risks associated with the conduct of joint ventures/partnerships; the Company’s ability to manage its projects effectively and tomitigate 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 recently filed Annual Information Formavailable 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 can give noassurances 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 or achievements to varyor 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 beconsidered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information is as of February 22, 2019. Centerraassumes no obligation 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 applicablelaw. Except as otherwise noted herein, Gordon Reid, Professional Engineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved the scientific and technical information contained in thispresentation. Mr. Reid is a Qualified Person within the meaning of NI 43-101. For more information, please refer to the properties technical reports, which are available on SEDAR. All figures are in United States dollars unlessotherwise stated.February 2019

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 MD&A & News Release February 22, 2019. 2018 AISC: Kumtor $694/oz, Mount Milligan $764/oz. 2019e AISC: Kumtor $666 to $703/oz, Mount Milligan $727 to $821/oz see News Release January 15, 2019.

2. Refer to Company’s news releases May 17, 2018, June 27, 2018 and October 12, 2018.3. As at December 31, 2018.

Corporate Highlights

2018 actual gold production 730koz, copper production 47Mlbs, at AISC1 of $754 per ounce

Portfolio optimization2:• Sold royalty assets for $155MM; • Sold silver stream on Kemess Project for $45MM• Sold Mongolian business unit for $35MM

2019 estimated gold production up to 740koz, copper production up to 75Mlbs, AISC1 of $723-to-$775 per ounce

Öksüt mine construction: First gold pour estimate Q1, 2020

Progressing two advanced stage growth projects in Canada

Cash balance3 of $152MM and total liquidity3 of $641MM

3

Consensus Asset NAV Breakdown

Centerra: Built For Success

Profitably Growing Gold Production

0

1,000

Kumtor Mt Milligan Oksut Kemess UG Greenstone Total

Ounc

es (0

00’s)

Canada54%Kyrgyz

Republic34%

Turkey10%

U.S.2%

February 2019

417

152

155 247

131 105

44155

0

100

200

300

400

500

600

700

2017 YECash

Royalty sale AMIAcquisition

OperationsFCF

Net DebtRepayments

Oksut Spend DevProjects,

G&A & Other

2018 YECash

4

Liquidity Profile Dec.31, 2018 (US$MM’s)

Net Cash Position1 (US$MM’s)

2018 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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Gold

Pric

e (U

S$/o

z)

US$

Milli

ons

Retained Earnings Cumulative Dividends Gold Price

Centerra: 2018 Corporate Update

1 Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at December 31, 2018. 2 Represents the Company’s cash position at December 31, 2018, excluding $27.5MM restricted cash. 3 Undrawn amounts of the $150MM Öksüt credit facility and the $500MM corporate credit facility as at December 31, 2018.

1

119

(46)

(150)

(100)

(50)

0

50

100

150

2017 2018

1

2 3 3

US$641MM

February 2019

152

389

100

Cash Reserves Corporate Credit Facility Oksut Credit Facility

$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)

75%

Centerra: Low-Cost Asset Base

5

AISC Industry Curve (By-Product Basis)

100%50%25%

Kumtor(US$666-703/oz)

Centerra Gold(US$723-775/oz Au)

Source: SNL Metals.Notes: Centerra AISC figures based on 2019 cost guidance, unless noted below.1. 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 SEDAR2. Öksüt AISC based on LOM plan as per the NI 43-101 Technical Report On The Öksüt Gold Project, Turkey dated September 3, 2015

Mount Milligan(US$727-821/oz)

Öksüt(US$490/oz)(2)

Kemess Underground(US$244/oz)(1)

February 2019

Positioned to generate free cash flow through the price cycles

6

Centerra: Compelling Valuation

February 2019

P / NAVPS (x) P / 2019E CFPS (x) P / 2019E Earnings (x)

2.04x

1.25x

1.25x

1.24x

1.23x

1.15x

0.97x

0.86x

0.80x

0.73x

0.64x

0.64x

0.63x

0.61x

0.51x

0.39x

Kirkland Lake

B2Gold

Coeur

OceanaGold

SSR Mining

Centamin

Endeavour

Yamana

Torex

Detour

Centerra

Alamos

IAMGOLD

New Gold

Pretium

Eldorado

12.7x

10.0x

8.8x

7.1x

7.0x

7.0x

6.9x

6.7x

5.7x

5.5x

4.6x

4.5x

4.2x

3.9x

3.9x

2.4x

Kirkland Lake

SSR Mining

Centamin

Detour

Alamos

Coeur

B2Gold

OceanaGold

Endeavour

Pretium

Yamana

IAMGOLD

Torex

Eldorado

Centerra

New Gold

57.5x

44.9x

31.7x

28.4x

22.7x

22.6x

21.4x

19.5x

18.6x

18.4x

17.3x

14.5x

10.6x

9.9x

IAMGOLD

SSR Mining

Detour

Alamos

Eldorado

Yamana

Kirkland Lake

OceanaGold

Endeavour

Centamin

B2Gold

Torex

Pretium

Centerra

Source: Bloomberg; Capital IQ; Street consensus, February 20, 2019

Centerra: Leading Capital Efficiency and Profitability

7February 2019

Source: Bloomberg as per latest financials

10%

8%

6%

6%

4%

2%

2%

1%

1%

0%

(0%)

OceanaGold

Centerra

B2Gold

Alacer

Detour

Kinross

Yamana

New Gold

Alamos

Eldorado

IAMGOLD

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

9%

7%

5%

3%

2%

1%

(0%)

(2%)

(3%)

(14%)

(20%)

OceanaGold

Centerra

Alacer

Kinross

Detour

B2Gold

Alamos

IAMGOLD

Yamana

Eldorado

New Gold

10%

8%

5%

2%

1%

1%

(1%)

(4%)

(6%)

(16%)

(42%)

OceanaGold

Centerra

Alacer

Kinross

Detour

B2Gold

Alamos

IAMGOLD

Yamana

Eldorado

New Gold

2013 2014 2015 2016 2017 2018Gold Production

Guidance (mid-point) (koz) 660 625 520 540 795 685Actual (koz) 691 621 537 551 785 730

Difference 4.7% -0.6% 3.3% 2.0% -1.3% 6.6%

All-In Sustaining CostGuidance (mid-point) (US$/oz Au) 878 863 851 744 723 805Actual (US$/oz Au) 818 852 814 692 688 754

Difference (6.8%) (1.3%) (4.3%) (7.0%) (4.8%) (6.3%)

660625

520540

795

685691

621

537 551

785

730

8

Centerra has a strong track record of beating both production and AISC 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 MD&A and News Release February 22, 2019.

February 2019

1

2

Centerra: Delivering Results Operations vs. Guidance

170U/G miners

207U/G miners

240U/G miners

240U/G miners

2016 2017 2018 2019EGuidance

Gold Production (koz) 551 563 535 535-565

All-In Sustaining Costs ($/oz) (1) $640 $698 $694 $666-$703

Sustaining Capital ($MM)(1) $61 $61 $44 $45

Growth Capital ($MM)(1) $15 $18 $17 $14

Projected Asset Life (years) +8

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 – Extended long-stop to May 31, 2019

2018 generated $128MM free cash flow(1)

22 years of uninterrupted profitable production

More than 4M ounces remaining in open pit reserves

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

Strong stable platform to grow Centerra9February 2019

Kumtor: World Class Open Pit Gold Mine

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s News Release February 22, 2019. (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: 2018 Exploration

February 2019 10Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.

11

2016 2017 2018 2019E Guidance

Gold Production (koz) 205 223 195 155-175

Copper Production (Mlbs) 59 54 47 65-75

All-In Sustaining Costs(US$/oz)(1) $509 $505 $764 $727-$821

Sustaining Capital ($MM)(1) NA $30 $43 $37

Remaining reserve life (years) +20

Gold CopperP&P Reserves(2) 4.7Moz 1,836Mlbs

Grade 0.3g/t 0.186%

Royal Gold Stream 35% @ US$435/oz

18.75% @ 15% of spot Cu price

20+ years of production from existing P&P reserves(2)

4.7M gold reserve ounces(2)

Low cost, long life production

Stable, mining-friendly jurisdiction

Tax loss pools, no cash taxes until 2022/2023

Mount Milligan: Long Life, Low Cost Gold Copper Mine

Significant Gold and Copper ProductionSignificant Open Pit Gold and Copper Production

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s News Release February 22, 2019. 2016 AISC is for the period Oct.20 to Dec.31, 2016.(2) Refer to February 22, 2019 mineral reserves and resources news release.

205195

165

5954

47

70223

0

10

20

30

40

50

60

70

80

0

50

100

150

200

250

2016 2017 2018 2019E 2016 2017 2018 2019ECOPPER

Copp

erM

lbs

Gold

oun

ces

(000

’s)

GOLD

February 2019

2018 drill program expanded the Resource Shell to the west and at depth, increasing Mineral Resources.

2019 Drilling:- In-pit & Infill drilling

- 22,500 metres- Brownfield an Greenfield drilling

- 12,000 metres

Mount Milligan: 2019 Exploration

February 2019 12C. Paul Jago, a Member of Engineers and Geoscientists British Columbia, is Centerra’s qualified person for the purpose of National Instrument 43-101.

EW

13

Mine Type Open Pit, Heap Leach

Avg. LOM Annual Production 110koz Au

Avg. LOM AISC(1) (US$/oz) $490

Reserve Mine Life 8 years

Development Capex (US$MM) $221

LOM Sustaining Capital(1) (US$MM) $10

P&P Reserves(2)(Moz) 1.2

Au grade (g/t)(2) 1.3

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

First Gold Pour Q1-2020

2015 Feasibility Highlights

EIA approval received in November 2015

Forestry Permit & GSM License received July 2016

Pastureland Permit received January 2018

Investment Incentive Certificate received February 2018

Construction on track for Q1 2020 gold pour

Bought back Stratex and Teck royalties

US$150MM low-cost +5-year financing in-place

Catalyst Schedule

Öksüt Gold Project

(1) Non-GAAP measure see “Non-GAAP Measures” in the Company’s News Release of February 22, 2019.(2) Refer to February 8, 2018 news release and Technical Report on Öksüt Gold Project dated September 3, 2015.

Öksüt: Funded High Margin Gold Production

Profitably Growing Gold Production

0

1,000

Kumtor Mt Milligan Oksut Kemess UG Greenstone Total

Ounc

es (0

00’s)

February 2019

14

Öksüt: Q4-2018 Construction Update

Admin Area Construction Primary Crusher Retaining Wall Primary Jaw Crusher Installation

Secondary Crusher Installation ADR Plant Construction Stacker-Conveyor Construction

February 2019

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

50ktpd Metallurgical Facility Kemess Proximity to Mount Milligan

15

Mount Milligan

KemessProject 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

February 2019

16

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

Reserve Mine Life (years) 12

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)

Reserve Mine Life (years) 12

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 February 22, 2019(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.

February 2019

50:50 development partnership with Premier Gold

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

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 and IBA work underway

2018 Federal EA approval, 1 IBA ratified

17

Cornerstone Canadian Development Project Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty

Greenstone Development Project

Location: Ontario, Canada

2016 Feasibility Highlights (100%)Mine Type Open Pit, CIP MillMill Throughput design 27,000 tpdAvg. LOM Annual Production 288koz AuAvg. LOM AISC(2) (US$/oz) $600Reserve Mine Life 14.5 yearsDevelopment Capex (US$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%

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 22, 2019.

Geraldton

Beardmore

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

February 2019

Centerra: Potential Upside Optionality - Molybdenum

18

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 expected to cover 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.February 2019

Appendix TSX: CGwww.centerragold.com

Centerra: 2019 Exploration - Map of Projects

20February 2019

2016A 2017A 2018A 2019E

Exploration spending ($MM) $11 $13 $21 $30

Mount Milligan: Short-term Water Sources

21February 2019

22

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

Last Normal Course Permits Anticipated – Q1 2019

Kemess: De-Risked Brownfield Project(1)

Mount Milligan

KemessProject 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 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

• Highly marketable clean concentrate

• Kemess Underground significant upside(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.February 2019

23

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• Received Effluent Discharge 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 February 22, 2019 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 February 22, 2019.February 2019

Centerra: 2019 Guidance

24

2019 Production Guidance Units Kumtor Mount Milligan(1) CenterraGoldTotal Gold Payable Production(2) (Koz) 535 – 565 155 – 175 690 – 740CopperTotal Copper Payable Production(3) (Mlb) – 65 – 75 65 – 75

2019 All-in Sustaining Unit Costs (5) Kumtor Mount Milligan(1) Centerra(1)

Ounces sold forecast 535,000 – 565,000 155,000 – 175,000 690,000-740,000All-in sustaining costs on a by-product basis(2), (5) $666 – $703 $727 – $821 $723 – $775

Revenue-based tax(4) and taxes(4) 171 – 180 21 – 24 135 – 145All-in sustaining costs on a by-product basis including taxes (1), (4), (5) $837 – $883 $748 – $845 $858 – $920

Gold - All-in sustaining costs on a co-product basis ($/ounce) (1),(5) $666 – $703 $803 – $906 $741 – $795Copper - All-in sustaining costs on a co-product basis ($/pound) (1),(5) – $1.93 – $2.23 $1.93 – $2.23

Capital Expenditures 2019 Sustaining Capital(5)

($ millions)2019 Growth Capital(5)

($ millions)Kumtor Mine 45 14Mount Milligan Mine 37 -Öksüt Project - 123Kemess Underground Project - 26Greenstone Gold Property - 21Other (Thompson Creek mine, Endako mine (75%),Langeloth facility and Corporate) 9 -

Consolidated Total $91 $1841) Mount Milligan payable production and ounces sold are on a 100% basis (the Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively and Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered). The copper sales are based on a copper price assumption in 2019 of $2.80 per pound sold for Centerra’s 81.25% share of copper production and the remaining 18.75% of copper revenue at $0.42 per pound (15% of spot price, assuming spot at $2.80 per pound), representing the Mount Milligan Streaming Arrangement. Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters. 2) Gold production in 2019 assumes 81.6% recovery at Kumtor and 60% recovery at Mount Milligan.3) Copper production in 2019 assumes 81.8% recovery for copper at Mount Milligan. 4) Includes revenue-based tax at Kumtor and the British Columbia mineral tax at Mount Milligan based on a forecast gold price assumption of $1,200 per ounce sold. 5) Non-GAAP measures and are discussed under “Non-GAAP Measures” in the most recent MD&A and News Release dated February 22, 2019.

February 2019

1 Gold and copper price sensitivities include the impact of the hedging program set up in order to mitigate gold and copper price risks.2 Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar results in decreased costs and increased cash flow and earnings. 3 All-in sustaining costs per ounce sold (“AISC”) on a by-product basis is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release Jan. 15, 2019.

Centerra: 2019 Guidance Sensitivities

25

Material Assumptions and Risks1

Material assumptions or factors used to forecast production and costs for 2019 include the following:• a gold price of $1,200 per ounce,• a copper price of $2.80 per pound,• a molybdenum price of $12 per pound, • exchange rates:

• $1USD:$1.30 CAD,• $1USD:69.0 Kyrgyz som,• $1USD:5.00 Turkish lira,• $1USD:0.79 Euro,

• diesel fuel price assumption: • $0.54/litre at Kumtor,• $0.87/litre at Mount Milligan.

1 Other material assumptions and risks are discussed under “Material Assumptions and Risks” in the Company’s MD&A and News Release dated February 22, 2019.

Change

Impact on($ millions)

Impact on ($ per ounce sold)

Costs Revenues Cash flows Net Earnings (after tax)

AISC(3) on by-product basis

Gold price(1) $50/oz 5.4 – 6.0 32.5 – 34.5 26.7 – 28.7 26.7 – 28.7 2 - 2Copper price(1) 10% 4.5 – 5.5 18.0 – 20.0 13.0 – 14.5 13.0 – 14.5 16 – 19Diesel fuel 10% 8.9 – 10.4 - 8.9 – 10.4 8.9 – 10.4 12 – 14Kyrgyz som(2) 1 som 1.2 – 1.7 - 1.2 – 1.7 1.2 – 1.7 2 – 2Turkish Lira(2) 1 lira 12.5 – 14.0 - 12.5 – 14.0 – –Canadian dollar(2) 10 cents 25.5 – 30.8 - 25.5 – 30.8 22.9 – 27.7 34 – 36

February 2019

Centerra: Mineral Reserves - Proven & Probable1

Copper Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs)

Mount Milligan 211,649 0.183 853 235,913 0.189 983 447,562 0.186 1,836

Kemess Underground

- - - 107,381 0.266 630 107,381 0.266 630

Total2 211,649 0.183 853 343,294 0.213 1,613 554,943 0.202 2,465

26

1) As at December 31, 2018, see Mineral Reserves and Resources News Release February 22, 2019.2) Numbers may not add up due to rounding.

Gold Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Mount Milligan 211,649 0.4 2,600 235,913 0.3 2,136 447,562 0.3 4,736

Kumtor 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

Total2 222,957 0.5 3,228 483,316 0.7 10,996 706,274 0.6 14,223

February 2019

Centerra: Investor Relations Highlights

27

Research Coverage

Brokerage Firms Rating Target

1. BofA Merrill Lynch Neutral C$7.70

2. CIBC World Markets Hold C$8.50

3. Cormark Securities Buy C$11.50

4. Global Mining Research Speculative Buy C$8.50

5. Halyk Finance Buy C$6.75

6. Macquarie Capital Markets Outperform C$9.00

7. National Bank Financial Hold C$8.00

8. Raymond James Market Perform C$9.00

9. RBC Capital Markets Under Perform C$7.00

10. Scotiabank Sector Outperform C$9.00

11. TD Securities Hold C$8.00

Average C$8.54

Top Ten (10) Institutional Shareholders

Institution/Firm Dec.-2018

1. Van Eck Associates 10.62%

2. Blackrock 9.37%

3. Dimensional Fund Advisors 3.70%

4. Ruffer LLP 2.40%

5. Kopernik Global 1.92%

6. Vanguard Group 1.79%

7. Franklin Advisors 1.52%

8. Schroder Investment 1.18%

9. Heartland Advisors 1.03%

10. Capital Research Global Investors 1.00%

TOTAL 34.53%

February 2019

Board of Directors Background

STEPHEN A. LANG Chairman Appointed Director of Centerra’s Board, June 2008

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

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

EDUARD KUBATOV Director Appointed Director of Centerra’s Board, March 2016

ASKAR OSKOMBAEV Director Appointed Director of Centerra’s Board, May 2018

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

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

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

BEKTUR SAGYNOV Director Appointed Director of Centerra’s Board, March 2016

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

Centerra: Directors

28February 2019

TSX: CGwww.centerragold.com