Investor PresentationSeptember 2018 TSX: CG

www.centerragold.com

Caution Regarding Forward-Looking Information

2September 2018

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, our expectations regarding: water availability at the Mount Milligan mine, mill throughput levels expected for the remainder of 2018, the outcome and timing of theCompany’s request for an amendment to the Mount Milligan environmental assessment certificate, and the timing for when all sandy gravel in the Mount Milligan TSF is covered by tailings; the closing of the Strategic Agreemententered into with the Kyrgyz Republic Government and the related resolution of outstanding matters which affect the Kumtor Project; the progress of development activities at the Öksüt Project, including expected dates ofcompletion for various development activities, and expected costs and timing to first gold pour; the Company’s expectations on receiving permits for the Kemess project and the availability and timing for obtaining financing for theKemess project; operational plans at Kumtor and Mount Milligan in 2018; the timing for the EIS/EA decision for the Hardrock Project; the Company’s cash on hand, working capital, future cash flows and existing credit facilitiesbeing sufficient to fund anticipated operating cash requirements; exploration plans for the remainder of 2018 and 2019, including the execution of the Kumtor drill program; and statements found under the heading, “2018Outlook”, including updated forecast 2018 production costs, capital and exploration expenditures 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; the impact of the delay by relevant government agencies to provide required approvals, expertisesand permits; potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the terms pursuant to which the Mongolian Government will participate in, or to take a special royalty rate in, the GatsuurtProject; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian individuals and entities; the ability of the Company tosuccessfully negotiate agreements for the development of the Gatsuurt Project; 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 toenforce 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 the concentration ofassets 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 the Company’sproperties 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 the volatility ofgold, 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 of commodityderivatives, 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 restrictive covenants in theCompany’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 future financing, the impact ofglobal financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest onthe Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including themovement 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 and mechanical availability; the riskof having sufficient water to continue operations, particularly at Mount Milligan and the ability of the Company to achieve expected mill throughput for the remainder of the year; the success of the Company’s future exploration anddevelopment 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’sinsurance 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-negotiatecollective agreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment and suppliesgiven the remote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; illegal mining on the Company’s Mongolian properties; theCompany’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; and risks associated with the conductof joint ventures/partnerships; the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. See section titled “Risks thatcan affect our business” in the Company’s most recently filed Annual Information Form available on SEDAR at www.sedar.com.

Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates may render ore reserves containing lower grades of mineralization uneconomic and mayultimately result in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic andtechnological factors which may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra 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 September 21, 2018. 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 & Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this presentation.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 unless otherwise stated.

1. All-in sustaining costs per ounce sold (AISC) is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s MD&A & News Release August 1, 2018. 2018e AISC: Kumtor $733 to $815/oz, Mount Milligan $834 to $929/oz. 2. Refer to Company’s news releases May 17, 2018 and June 27, 2018.3. As at June 30, 2018.

Corporate Highlights

Internationally Diversified Gold Producer

Two Cornerstone Lower-Cost Quartile Assets

2017 Gold Production 785koz at AISC1 of $688 per ounce and 53.6M lbs of copper

Öksüt Construction on Track, Gold Pour Expected Q1, 2020

Sold Royalty Portfolio for US$155MM and a US$45MM Silver Stream on Kemess Project2

Received Mines Act Permit for Kemess Project

Significant Operational Cash Flow Profile

Solid Late-Stage Development Pipeline

Trading at a Discount to Peers, Potential for Re-Rating

Positive Retained Earnings of US$1,118MM3

Expected 2018 production of up to 695kozpa gold at AISC1

of $812 to $903 per ounce and 40 to 47M lbs of copper

3

Consensus Asset NAV Breakdown

Centerra: Built For Success

September 2018

Retained Earnings Profile (US$)

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

1,400

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q22018

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Cumulative Dividends Gold Price

Canada55%Kyrgyz

Republic32%

Turkey9%

Mongolia2%

U.S.2%

417

188

155 246

35 4 107

0

100

200

300

400

500

600

700

2017 YE Cash Proceeds fromsale of Royalties

AMI Acquisition Mt Milligan Kumtor Dev Projects, G&A,Debt Repayments

& Other

2018 Q2 Cash

$188

$251

$135

Cash Reserves Revolver Credit Facility Oksut Credit Facility3 3

US$574MM

4

Liquidity Profile June 30, 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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q22018

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Cumulative Dividends Gold Price

Centerra: Q2 - 2018 Corporate Update

1 Includes cash and cash equivalents, short-term investments and excludes $27.5MM restricted cash at June 30, 2018. 2 Represents the Company’s cash position at June 30, 2018, excluding $27.5MM restricted cash. 3 Undrawn amounts of the $150MM Öksüt credit facility and the $500MM corporate credit facility as at June 30, 2018. September 2018

1

119

(110)

(250)

(200)

(150)

(100)

(50)

0

50

100

150

2017 2018 Q2

1 2

$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, n

et (

US$

/oz

Au)

Cumulative Gold Production (koz Au)

75%

Centerra: Lower-Cost Asset Base

5

AISC Industry Curve (By-Product Basis)

100%50%25%0%

Kumtor(US$733-815/oz)

Centerra Gold(US$812-903/oz Au)

• Kemess Underground represents a potential additional Centerra mine in the bottom quartile of global gold producers

Source: SNL Metals.Notes: Centerra AISC figures based on 2018 cost guidance, unless noted.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$834-929/oz)

Öksüt(US$490/oz)(2)

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

September 2018

Centerra: Q2 - 2018 Corporate Highlights

6

1. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release August 1, 2018.2. Includes cash, cash equivalents, short-term investments and excludes restricted cash of $27.5MM at June 30, 2018.

September 2018

Safety – Kumtor achieved 1-Year & 6 million man-hours without a lost time injury April 11, 2018

Sold Royalty Portfolio for $155MM (Plus: $45MM Silver Stream on Kemess)

Closed Öksüt Credit Facility with an Initial Draw of $15MM

Öksüt Project Construction Progressing on Schedule

Improvement in Maintenance at Mount Milligan, Mill Achieved Average Throughput of over 60,000 tpd over 30 consecutive days

Submitted EA Amendment for Additional Short-term Water Sources at Mount Milligan

Kemess Underground Project Received Amended Mines Act Permit

Achieved Q2 2018 Net Earnings of $43.5MM or $0.15 Cents Per Share, (basic)Adjusted Earnings1 in Q2 2018 $1.0MM or Nil Per Share

Gold Production of 130,183 Ounces and Copper Production of 16.5 million pounds

Centerra’s Q2 2018 All-In Sustaining Cost1 on a by-product basis $996 Per Ounce

Cash Provided by Operations Before Working Capital Changes1 of $47.6MM ($0.16 per share)

June 30, 2018 Total Liquidity $574 Million2

7

Mount Milligan

Kumtor

2017 Free Cash Flow(US$MM’s)(1)

Consensus Asset NAV(US$MM’s)

Mount Milligan

Kumtor

Öksüt

Gatsuurt

Greenstone

Kemess

Consensus Asset NAV

$127

$188

$1,001

$916

$256

$140

$290

$40

Source: Centerra Gold, analyst estimates.(1) Mount Milligan and Kumtor free cash flow figures are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release February 23, 2018

Centerra: Asset Breakdown

September 2018

Mt. Milligan35%

Kumtor32%

Kemess 10%

Öksüt 9%

Other6%

Greenstone5%

Langeloth2% Gatsuurt

1%

Centerra: Growing Intrinsic Value

8September 2018

236 237 252

292

0

50

100

150

200

250

300

350

2014 2015 2016 2017

Shares Outstanding (MM's)

32.63 35.44

63.49

55.82

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

2014 2015 2016 2017

Reserves Per 1,000 Shares

2.63

2.27

2.38

2.69

2.00

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

2014 2015 2016 2017

Production Per 1,000 Shares

852 814

682 688

0

100

200

300

400

500

600

700

800

900

1,000

2014 2015 2016 2017

All-In Sustaining Cost(1) (US$/oz)

(0.19)

0.18

0.60 0.72

(0.60)

(0.40)

(0.20)

0.00

0.20

0.40

0.60

0.80

1.00

2014 2015 2016 2017

Company-Wide After-Tax Earnings Per Share (US$)

1.59

1.41 1.48

1.72

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2014 2015 2016 2017

Company-Wide Operating Cash Flow Per Share (US$)

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release August 1, 2018.

9

2016 2017 2018E Guidance

Gold Production (koz) 205 223 175-195

Copper Production (Mlbs) 59 54 40-47

All-In Sustaining Costs(US$/oz)(1) $509 $505 $834-$929

Sustaining Capital ($MM)(1) NA $30 $44

Remaining reserve life (years) +20

Gold Copper

P&P Reserves(2) 5.1Moz 1,938Mlbs

Grade 0.3g/t 0.188%

Royal Gold Stream 35% @ US$435/oz

18.75% @ 15% of spot Cu price

2017 generated $127MM free cash flow(1)

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

5.1M gold reserve ounces(2)

Low cost, long life production

Stable, mining-friendly jurisdiction

Tax loss pools, no cash taxes until 2022/2023

September 2018

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 MD&A and News Release August 1, 2018. 2016 AISC is for the period Oct.20 to Dec.31, 2016.(2) Refer to February 8, 2018 mineral reserves and resources news release.

205185 54

59

44

223

0

10

20

30

40

50

60

70

0

50

100

150

200

250

2016 2017 2018E 2016 2017 2018ECOPPER

Copp

erM

lbs

Gol

d ou

nces

(00

0’s)

GOLD

170U/G miners

207U/G miners

240U/G miners

240U/G miners

2016 2017 2018EGuidance

Gold Production (koz) 551 563 450-500

All-In Sustaining Costs ($/oz) (1) $640 $698 $733-$815

Sustaining Capital ($MM)(1) $61 $61 $49

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

Projected Asset Life (years) +8

Reserves(2) (Moz) 4.5

Au Grade (g/t) 2.4

Resources M&I(2) (Moz) 2.6

Au Grade (g/t) 2.8

World Class Cornerstone Asset Significant Open Pit Gold Production to 2026

YE target of 4,000tpd

2017 generated $188MM free cash flow(1)

21 years of uninterrupted profitable production

More than 4M ounces remaining in open pit reserves

Low cost, long life production

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

Strong stable platform to grow Centerra

10September 2018

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 August 1, 2018. (2) Refer to February 8, 2018 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

11

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

Main Access Road ConstructionCatalyst Schedule

Öksüt Gold Project

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

Öksüt: Funded High Margin Gold Production

12September 2018

Öksüt: Construction

Overview Office Area Water Well Area 1 Transfer Tank Well No.1 Pump Foundation

Crusher Area Excavation Crusher Area Foundations Heap Leach Pad & ADR Plant Area

Cone CrusherFoundation

Jaw Crusher

ADR Plant

Heap Leach 1A

Heap Leach Haul Road

Kemess: Site Layout – C$1Billion of Infrastructure

Fly-in, Fly-out Work Camp South Open Pit (Tailings Storage Facility)

Metallurgical Facility Kemess Underground & East Deposits

13September 2018

14

Expected Catalyst Schedule

Kemess Underground EA Approval Received – Q1 2017

First Nations IBA Received – Q2 2017

Kemess Underground Permit Received – July 2018

Other Normal Course Permits Anticipated – Q3 2018

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

Kemess: De-Risked Brownfield Project(1)

0 200

Kilometers

100

Endako

• Established mining jurisdiction

• Advanced-stage− EA Approved, IBA in hand, Amended Mines Act

Permit (construction 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 3.3Moz gold and 1.2Blbs copper

− Kemess East(3): M&I of 1.7Moz gold and 1.0Blbs copper

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

12 years at Kemess East

• Highly marketable clean concentrate

• Kemess Underground significant upside

September 2018

(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 $1,200 per ounce, copper price of $2.50 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$17.30 per tonne. M&I resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$15.00 per tonne.

(3) Kemess East resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.32CAD and an NSR cut-off of C$17.30 per tonne.

15

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) $604

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

P&P Au Reserve Grade (g/t) 0.54

P&P Cu Reserves (Mlbs)(4) 629.6

P&P Cu Reserve Grade (%) 0.27%

After-tax NPV5% (C$MM) $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) $327

M&I Au Resource (Moz)(5) 1.7

M&I Au Grade (g/t) 0.46

M&I Cu Resource (Mlbs)(5) 954.0

M&I Cu Grade (%) 0.38%

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

Kemess: Large, Low-Cost Production

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

September 2018

--

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

Cop

per

(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

Cop

per

(M

lbs)

Gol

d (

koz)

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(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.(4) Kemess Underground reserves are estimated using a gold price of $1,200 per ounce, copper price of $2.50 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$17.30 per tonne.(5) Kemess East resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.32CAD and an NSR cut-off of C$17.30 per tonne.

16

Kemess Timeline

Copper Outlook

10

15

20

25

2015 2018 2021 2024 2027 2030

Mt

Base Probable Projects Primary Demand

Large ~6Mtdeficit expected by 2030

Deficit

Source: Wood Mackenzie.

Kemess: Timeline – And Copper Outlook

September 2018

Federal and Provincial EA Approvals

KUG Impact Benefit Agreement Signed

Normal Course Permitting

Detailed Engineering

Access Corridor Development

Decline Development

Develop Block Cave

First Production

202220172016 2018 2019 2020 2021

Centerra: Potential Upside Optionality - Molybdenum

17

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.September 2018

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18

$ U

SD p

er P

ound

$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, n

et (

US$

/oz

Au)

Cumulative Gold Production (koz Au)

75%

Centerra: Lower-Cost Asset Base

18

AISC Industry Curve (By-Product Basis)

100%50%25%0%

Kumtor(US$733-815/oz)

Centerra Gold(US$812-903/oz Au)

• Kemess Underground represents a potential additional Centerra mine in the bottom quartile of global gold producers

Source: SNL Metals.Notes: Centerra AISC figures based on 2018 cost guidance, unless noted.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$834-929/oz)

Öksüt(US$490/oz)(2)

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

September 2018

AppendixTSX: CGwww.centerragold.com

20

Mount Milligan MineAu, CuCanada

Kumtor MineAuKyrgyz Republic

Greenstone Project (50%)AuCanada

Öksüt ProjectAuTurkey

Gatsuurt ProjectAuMongolia

Kemess Underground and East ProjectsAu, CuCanada

Operations

Development

Molybdenum Asset

Centerra: High-Quality Producing and Growth Assets

September 2018

$417

$335

Cash Reserves Undrawn Credit Facilities

US$752MM

21

Cash$542MM

Liquidity Profile (US$MM’s)

Positive Net Cash Position1 (US$MM’s)

2017: Internally Funded Business (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

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

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Retained Earnings Cumulative Dividends Gold Price

Centerra: 2017 Results

409 127

188 209

98 417

0100200300400500600700800

2016 Cash Mt MilliganFCF

Kumtor FCF DebtRepayments

Other(Projects,G&A, etc)

2017 Cash

(96)

119

(125)(100)(75)(50)(25)

0255075

100125

2016 20171 Includes cash and cash equivalents, restricted cash and short-term investments at December 31, 2016 and at December 31, 2017. 2 Represents the Company’s cash position at December 31, 2017 of $417 million. 3 A combination of the $150MM undrawn Öksüt credit facility and the $185MM undrawn amount from the Centerra BC credit facility as at December 31, 2017.September 2018

1 1

2 3

Centerra: Q2-2018 Operating Highlights

September 2018 22

Q2 2018 Q2 2017

Gold ounces produced(1) 130,183 195,719

Copper produced (000’s payable lbs)(1) 16,449 15,062

Kumtor All-in Sustaining Costs per ounce sold(2) $1,071 $782Mt. Milligan All-in Sustaining Costs on a by-product basis per ounce sold(1),(2) $700 $467

Consolidated All-in Sustaining Costs on a by-product basis per ounce sold(1),(2) $996 $740

1. Mount Milligan numbers 100% basis.2. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated August 1, 2018.

Q2 2018 gold production - Kumtor 83,803 ounces, Mount Milligan 46,380 ouncesQ2 2018 copper production - Mount Milligan 16,449,000 pounds

Mount Milligan throughput averaged 47,000 tpd (52,000 tonnes per operating day)

Lowered gold and copper guidance at Mount Milligan to 175,000 – 195,000 oz and 40 – 47 Mlb

Revised all-in sustaining costs on a by-product basis per ounce sold2 to $834 - $929

Öksüt Project construction 14% complete, progressing on schedule

Kemess Project received permit approving underground mine plan and reclamation plan

Mount Milligan: 2Q-2018 Update

September 2018 23

Significant Improvement in Maintenance at Mount Milligan, Achieved Target of 80% Planned and 20% Unplanned

Operated Mill for 30 Consecutive Days at Greater Than 60,000 tpd

Gold and Copper Recoveries Continue to Improve Year-to-date

Water Balance Low in Tailing Storage Facility (TSF) Additional Short-term Waters Sources Needed

Water Volumes Low Due to Receiving Less Than Half the Expected Amount of Water from the Spring Melt, Low Precipitation and Water Seeping into Sands and Gravels Beneath TSF

At 55,000 tpd Mill Consumes 21,000 cubic metres /day of Water, Mine Recycles 100% of Water less Losses to Tailing Voids

Requested EA Amendment for Additional Short-term Water Sources

Mount Milligan: Short-term Water Sources

September 2018 24

Mount Milligan: Q2-2018 Exploration

September 2018 25

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

Centerra: Q2-2018 Financial Highlights1

September 2018 26

(in thousands, except ounces, per share amounts, and average realized price2)

Quarter EndedJune 30, 2018

Quarter EndedJune 30, 2017

Revenue $243,315 $279,218

Total gold ounces sold 140,427 188,225

Total copper pounds sold (000’s) 12,668 14,358

Operating cash flow before changes in working capital(2) $47,561 $121,944

Cash provided by (used in) operations $68,039 $142,777

Net earnings $43,515 $23,440

Adjusted earnings(2) $992 $63,140

Adjusted earnings per share, basic Nil $0.22

Average realized gold price per ounce(2) $1,176 $1,165

Average realized copper price per pound(2) $2.23 $1.90

1. U.S. dollars2. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated August 1, 2018.

Centerra: Q2-2018 Other Financial Highlights

September 2018 27

Gold Sales of 140,427 ounces / Copper Sales of 12.7 million pounds in Q2, 2018

Consolidated Second Quarter 2018 AISC1 of $996 per ounce

Q2, 2018 AISC1 of $1,071 per ounce at Kumtor and $700 per ounce at Mount Milligan

Increase in Liquidity to $574 Million and reduction in Net Debt to $110 Million

Conditions met on Öksüt $150 Million Credit Facility with an initial $15 Million drawdown

1 Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release dated August 1, 2018.2 Represents the Company’s cash position excluding $27.5MM restricted cash at June 30, 2018. 3 A combination of the $135MM undrawn Öksüt credit facility and the $251MM undrawn amount from the new corporate credit facility as at June 30, 2018.

505470 447

334298

347298

409358

401352

417

123188

0

100

200

300

400

500

600

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

US$

Mill

ions

Total Debt Cash2

Cash and Debt Profile

$188

$386

Cash Reserves Undrawn Credit Facilities

$574MM

2 3

Liquidity Profile June 30, 2018 US$MM

28

Kemess Underground (Feasibility – 2016)(1)

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

AISC(2) of $244/oz on a by-product basis • Environmental approvals and IBA received• Received Mines Act Permit• Awaiting normal course permits

Kemess East (PEA – May 2017)(1)

• M&I resources of 1.7Moz and 1.0Blbs Cu• LOM of 12 years at 80koz Au/p.a. and 57Mlbs/p.a. at

AISC(2) 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

September 2018

(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.

29

2017 Feasibility Highlights(1)

In-Place 5ktpd Processing Facility (Boroo)Boroo’s Historical Cumulative Net Cash Generation (US$MM)

(100)

0

100

200

300

400

500

600

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US$

Mill

ions

(1) See Gatsuurt Project Update in Company’s news release October 31, 2017 and technical report dated December 22, 2017.

The Gatsuurt Project is ~90 km north of Ulaanbaatar

September 2018

Gatsuurt: Gold Development Project

Mine Type Open Pit

Avg. LOM Annual Production 111koz Au

Avg. LOM AISC(1) (US$/oz) $870

Reserve Mine Life 10 years

LOM Development Capex (US$MM) $245

LOM Sustaining Capital (US$MM) $37

P&P Reserves(2)(Moz) 1.3

Au grade (g/t) 2.7

Life of Mine Recovery 84%

Life of Mine Strip Ratio (w:o) 4.7:1

NPV(5%) - after tax (US$MM) ~$39

30

Cornerstone Canadian Development Project

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

Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty

Greenstone Development Project

Location: Ontario, Canada

September 2018

2016 Feasibility Highlights (100%)

Mine Type Open Pit, CIP Mill

Mill Throughput design 27,000 tpd

Avg. LOM Annual Production 288koz Au

Avg. LOM AISC(2) (US$/oz) $600

Reserve Mine Life 14.5 years

Development Capex (US$MM) $962

Sustaining Capital(2) (US$MM) $101

P&P Reserves(1)(Moz) 4.7

Au grade (g/t) 1.02

Life of Mine Recovery 90%

Life of Mine Strip Ratio (w:o) 3.87:1

NPV(5%) - after tax (US$MM) ~$545

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 MD&A and News Release August 1, 2018.

Geraldton

Beardmore

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

Centerra: Revised 2018 Guidance

31September 2018

2018 Production Guidance Units Kumtor Mount Milligan(1) CenterraGoldTotal Gold Payable Production(2) (Koz) 450 – 500 175 – 195 625 – 695CopperTotal Copper Payable Production(3) (Mlb) – 40 – 47 40 – 47

2018 All-in Sustaining Unit Costs (5) Kumtor Mount Milligan(1) Centerra(1)

Ounces sold forecast 450,000 – 500,000 175,000 – 195,000 625,000-695,000All-in sustaining costs on a by-product basis(2), (5) $733 – $815 $834 – $929 $812 – $903

Revenue-based tax(4) and taxes(4) 171 – 190 23 – 26 129 – 144All-in sustaining costs on a by-product basis including taxes (1), (4), (5) $904 – $1,005 $857 – $955 $941 – $1,047

Gold - All-in sustaining costs on a co-product basis ($/ounce) (1),(5) $733 – $815 $809 – $966 $805 – $914Copper - All-in sustaining costs on a co-product basis ($/pound) (1),(5) – $1.85 – $2.41 $1.85 – $2.41

Capital Expenditures2018 Sustaining Capital(5)

($ millions)2018 Growth Capital(5)

($ millions)Kumtor Mine 49 14Mount Milligan Mine 44 -Öksüt Project - 82

Kemess Underground Project - 31

Greenstone Gold Property - 10Other (Thompson Creek mine, Endako mine (75%),Langeloth facility and Corporate)

7 -

Consolidated Total $100 $1371) 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 of $2.90 per pound sold for Centerra’s 81.25% share of copper production and the remaining 18.75% of copper revenue at $0.44 per pound (15% of spot price, assuming spot at $2.90 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 assumes 79% recovery at Kumtor and 61% recovery at Mount Milligan.3) Copper production assumes 79% 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 $1,275 per ounce sold 5) Non-GAAP measures and are discussed under “Non-GAAP Measures” in the MDA and news release of August 1, 2018

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 August 1, 2018.

Centerra: 2018 Guidance Sensitivities

32

Material Assumptions and Risks1

Material assumptions or factors used to forecast production and costs for 2018 include the following:• a gold price of $1,275 per ounce,• a copper price of $2.90 per pound,• a molybdenum price of $12 per pound, • exchange rates:

• $1USD:$1.25 CAD,• $1USD:71.0 Kyrgyz som,• $1USD:3.5 Turkish lira,• $1USD:0.87 Euro,

• diesel fuel price assumption: • $0.45/litre at Kumtor,• $1.05/litre at Mount Milligan.

September 2018

1 Other material assumptions and risks are discussed under “Material Assumptions and Risks” in the Company’s MD&A and news release August 1, 2018.

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 2.7 – 3.2 15.7 – 18.8 13.0 – 15.6 13.0 – 15.6 0 - 1

Copper price(1) 10% 1.5 – 2.0 5.4 – 7.0 3.9 – 5.0 3.9 – 5.0 8 – 10

Diesel fuel 10% 3.5 - 4.9 - 3.5 – 4.9 3.5 - 4.9 7 – 8

Kyrgyz som(2) 1 som 1.0 - 2.0 - 1.0 - 2.0 1.0 - 2.0 1 - 2

Canadian dollar(2) 10 cents 5.9 – 8.0 - 5.9 - 8.0 5.9 - 8.0 8 – 9

Centerra: Mineral Reserves - Proven & Probable1

Proven and Probable Gold Mineral Reserves Increase to 16.3 million ounces

Proven and Probable Copper Mineral Reserves are 2,568 million pounds

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 236,533 0.187 974 231,405 0.189 964 467,939 0.188 1,938Kemess Underground - - - 107,381 0.266 630 107,381 0.266 630

Total 236,533 0.187 974 338,786 0.213 1,594 575,320 0.202 2,568September 2018 331) As at December 31, 2017, includes Kemess Project following the completion of the AuRico Metals acquisition, see Mineral Reserves and Resources News Release February 8, 2018.

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

Kumtor 10,278 1.5 490 46,849 2.7 3,999 496,209 2.4 4,489

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

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

Hardrock Open Pit - - - 70,858 1.0 2,324 70,858 1.0 2,324Kemess Underground - - - 107,381 0.5 1,868 107,381 0.5 1,868

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

Centerra: Investor Relations Highlights

34

Research Coverage

Brokerage Firms Rating Target

1. BMO Capital Markets Buy C$10.00

2. BofA Merrill Lynch Neutral C$6.50

3. Canaccord Genuity Hold C$6.75

4. CIBC World Markets Hold C$7.50

5. Cormark Securities Buy C$12.25

6. Global Mining Research Speculative Buy C$8.50

7. Halyk Finance Buy C$8.55

8. Macquarie Capital Markets Outperform C$10.00

9. National Bank Financial Hold C$7.25

10. Raymond James Market Perform C$9.00

11. RBC Capital Markets Under Perform C$7.50

12. Scotiabank Sector Perform C$8.00

13. TD Securities Hold C$7.50

Average C$8.41

Top Ten (10) Institutional Shareholders

Institution/Firm Sept.-2018

1. Van Eck Associates 10.62%

2. Blackrock 10.58%

3. Dimensional Fund Advisors 3.34%

4. Franklin Advisors 2.24%

5. Vanguard Group 1.68%

6. Kopernik Global 1.51%

7. Ruffer LLP 1.31%

8. BMO Asset Management 1.25%

9. Heartland Advisors 1.03%

10. USAA 1.00%

TOTAL 34.56%

September 2018

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

35September 2018

TSX: CGwww.centerragold.com