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Centerra Gold Inc.

Centerra Gold Records Net Earnings of $20.0 million or $0.07 per Common Share, Adjusted Net EarningsNG of $46.4 million or $0.16 per Common Share and Cash from Operations of $121.1 million

May 21, 2020

All figures are in United States dollars and all production figures are on a 100% basis unless otherwise

stated. This news release contains forward looking information regarding Centerra’s business and

operations. See “Caution Regarding Forward-Looking Information”.

Toronto, Canada, May 1, 2020: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) today

reported first quarter 2020 results. Key events and operating results of the first quarter included:

• Net earnings of $20.0 million and adjusted net earningsNG of $46.4 million, $0.07 and $0.16 per

common share, respectively.

• Cash flow from operations was $121.1 million.

• Production totalled 190,474 ounces of gold, including pre-commercial ounces from Öksüt, and

20.1 million pounds of copper.

• Production costs per ounce of gold sold were $423 per ounce.

• Production costs per pound of copper sold were $1.34 per pound.

• All-in sustaining costs on a by-product basis per ounce soldNG were $712 per ounce.

• Cash net of debt position of $57.8 million at quarter end, includes cash of $193.8 million. As at

March 31, 2020, the Company had $136 million drawn on its Corporate credit facility with total

liquidity of $557.8 million.

• COVID-19 update: Kumtor operating at targeted levels for both mill and mining production,

Öksüt open pit mining recommenced mid-April after a two-week period of reduced manpower,

Mount Milligan expected to return to targeted levels in the first half of May after reducing

manpower on April 6 and completing a scheduled two-week shutdown for process plant

maintenance. The Company continues to comply with government regulations relating to COVID19 as well as take steps to ensure safety of personnel and continuity of operations, including supply

chains.

• No change to 2020 guidance. To date the COVID-19 pandemic has not resulted in any material

impact on Centerra’s operations and the Company currently does not expect it will impact its 2020

production. However, the potential effects of COVID-19 are unpredictable, and the Company

continues to monitor the situation at each of its sites and take steps to prevent or minimize any

effects the pandemic may have.

• Dividend of C$0.04 per common share approved April 30, 2020, payable on June 4, 2020 to

shareholders of record on May 21, 2020.

All references in this document denoted with NG, indicate a non-GAAP term which is discussed under

“Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.

Commentary

Scott Perry, President and Chief Executive Officer of Centerra stated, “During the current outbreak of

COVID-19, we are consciously taking the necessary precautionary measures to prevent the spread and

ensure the health, safety and well-being of our employees, contractors and communities. We have also

celebrated a recent safety milestone, when on April 19, 2020, Öksüt achieved one year without a lost time

injury. Our continued commitment to Work Safe Home Safe is a driving force behind achieving such

milestones.”

“The strong operating performance at Kumtor and Mount Milligan in the fourth quarter of 2019 has carried

over into the first quarter of 2020. These two operations delivered consolidated gold production of 185,988

ounces at all-in sustaining costsNG on a by-product basis of $712 per ounce sold in the quarter. Kumtor had

another strong quarter producing 152,307 ounces of gold production at all-in-sustaining costsNG on a byproduct basis of $644 per ounce sold. Mount Milligan produced 33,681 ounces of gold and 20.1 million

pounds of copper at all-in-sustaining costsNG on a by-product basis of $901 per ounce sold. Öksüt poured

its first gold in January and produced 4,486 ounces in the quarter as it transitioned from construction into

operations. In aggregate our three operations delivered consolidated gold production of 190,474 ounces.”

During the quarter, Kumtor continued to operate at its planned production rates, with the process plant

continuing to operate at approximately 18,000 tonnes per day processing stockpiled ore. In response to

COVID-19, the site has extended the crew rotation schedule from the usual two-week rotation up to four

weeks, replacement crews are brought in early and segregated; they are thoroughly screened prior to a crew

change and the various crews are separated by department when on site.”

“At Mount Milligan, we did announce a two-week reduction in process plant throughput with a significant

reduction in manpower related to mining activities as a precautionary action related to preventing the spread

of COVID-19. The process plant continued to process stockpiled material before we commenced a

scheduled two-week maintenance shutdown of the process plant. We have completed the scheduled mill

maintenance and are ramping back up to full capacity. The spring melt has now commenced which will

facilitate a significant water draw and is expected to provide more than sufficient levels of water to run at

full capacity through the year as planned.”

“In Turkey, at Öksüt, we ceased mining activities on March 31, 2020, in response to the Turkish

Government initiatives aimed at reducing the spread of COVID-19. During that time, we continued to stack

ore onto the heap leach pad, continued to irrigate the pad and operated the ADR plant. After a two-week

period, in compliance with Turkish Government requirements, we brought back the mining crew to recommence mining and to continue ramping-up the site to full operations.”

“Presently, we are experiencing favourable currency exchange rates in the countries we operate in, as well

as low diesel prices which are expected to benefit the cost structure at our operations. In late April 2020,

the hedging committee approved an expansion of the Company’s hedging policies for both diesel and

Canadian dollar hedging for a period up to 24 months, previously limited to a 12-month period. This

increased coverage will enable our Kumtor and Mount Milligan operations to continue to benefit in the

medium term from current diesel prices and the Canadian exchange rate.

“Financially, the Company generated $121.1 million of cash from operations for the first three months of

2020, which includes $134.3 million from Kumtor and $27.2 million from Mount Milligan. During the first

three months of 2020, Kumtor and Mount Milligan delivered free cash flowNG of $96 million and $22

million, respectively. Company-wide, free cash flow NG in the first quarter of 2020 was $77 million and we

finished the quarter with a cash net of debt position of $57.8 million and liquidity of $557.8 million.”

“Based on the Company’s financial position, recent strong operating results and cash flows, the Board

approved on April 30, 2020 a dividend of C$0.04 per share.”

COVID-19 Update

Centerra continues to prioritize the health, safety and well-being of its employees, contractors,

communities, and other stakeholders during the current outbreak of COVID-19 and to take steps to

minimize the effect of the pandemic on its business.

The Company undertook a significant reduction of manpower and operations at the Öksüt Project on March

31, 2020 for a two-week period. This decision was taken in response to Turkish government initiatives

aimed at reducing the spread of COVID-19. The reduction resulted in the suspension of open pit mining

activities, though limited crews remained on site to place ore on the heap leach pad, to operate the

Adsorption-Desorption-Recovery (“ADR”) plant and to perform essential site services. Mining operations

recommenced in mid-April 2020, though operating on the weekend is subject to weekly approvals (which

have been obtained to date).

At Mount Milligan, as a precautionary measure, the mine reduced its activities and subsequently the process

plant undertook a two-week planned maintenance shutdown. Operations of the process plant restarted in

late April and mine operations are expected to ramp up production in mid-May.

Kumtor operations have continued with the support of the Kyrgyz Republic Government. Kumtor has

implemented a number of proactive measures to prevent the spread of COVID-19 such as extending mine

site crew rotations to four-weeks compared to two-weeks and separating key process plant personnel from

mining crews.

All other sites have also implemented a number of measures to prevent the spread of COVID-19 and ensure

the safety of their respective employees, contractors, communities and other stakeholders, including

developing detailed plans in case a reduction in or cessation of operations becomes necessary. Centerra’s

sites are complying with all government regulation relating to COVID-19.

On April 28, 2020, a Kemess employee informed the Company they had tested positive for COVID-19

while on break from site. The employee was last present at the Kemess site on April 16, 2020. As an

immediate measure, Kemess employees and relevant health authorities, including the Northern Health

Authority of British Columbia, have been informed and the Company has activated protocols to limit the

spread of the virus. The Company is also investigating when the employee may have contracted the virus

and whether other individuals may have been exposed.

To date, there are limited confirmed cases of COVID-19 in the Issyk-Kul district of the Kyrgyz Republic,

and the Kayseri province of Turkey, where the Kumtor Mine and the Öksüt Mine are located, and from

where they source their main workforce. To date, there have been limited reported cases in the Prince

George area of British Columbia from which the Mount Milligan Mine sources some of its workforce. To

ensure appropriate social distancing, the Company has temporarily closed its head office in Toronto,

Ontario and regional offices in Bishkek, Kyrgyz Republic, Prince George, British Columbia and Ankara,

Turkey and has asked its workforce to operate remotely. The Company is continuously monitoring

information published by the Public Health Agency of Canada, U.S. Centers for Disease Control and

Prevention (CDC), the World Health Organization (WHO) and other guidance released from relevant

government agencies.

In addition, Centerra has taken a series of measures to provide its employees with accurate information,

help prevent infection and reduce the potential transmission of COVID-19. These include activation of a

global crisis management team, frequent communication with and compassionate support of all our people,

a complete prohibition on employee travel, strict protocols for access to and from work at operating sites,

including temperature checks and interviews upon entry, increased cleaning and hygiene protocols,

modifications to work shifts and accommodations at site.

In addition to the above precautionary measures, operating mine sites continue to assess the resiliency of

their supply chains, increasing mine site inventories of key materials and developing contingency plans to

allow for continued operations.

The Company notes that the situation is fluid and has been changing rapidly. The measures enacted reflect

the Company’s best assessment at this time but will remain flexible and be revised as necessary or advisable

and/or as recommended by the public health and governmental authorities. There can be no assurance that

future events or circumstances relating to COVID-19 will not disrupt ongoing operations or affect 2020

guidance.

Exploration Update

Exploration activities in the first quarter of 2020 included drilling, surface sampling, geological mapping

and geophysical surveying at the Company’s various projects (including earn-in properties), targeting gold

and copper mineralization in Canada, Mexico, Turkey, Finland, USA and Kyrgyzstan. Exploration

expenditures totaled $7.8 million in the first quarter of 2020 compared to $5.0 million in the same quarter

of 2019. The Company’s 2020 exploration program is primarily focused on brownfield exploration at

Kumtor, Mount Milligan, and Öksüt.

Drill programs at Mount Milligan and Kumtor were suspended in March and early April, respectively, to

reduce manpower at sites in response to COVID-19. The Company expects the drilling (including at Öksüt)

to resume later in the second quarter of 2020.

Qualified Person & QA/QC – Exploration

Exploration information and other related scientific and technical information in this document regarding

the Kumtor Mine were prepared in accordance with the standards of NI 43-101 and were prepared,

reviewed, verified and compiled by Boris Kotlyar, a member with the American Institute of Professional

Geologists (AIPG), Chief Geologist, Global Exploration with Centerra, who is the qualified person for the

purpose of NI 43-101. Sample preparation, analytical techniques, laboratories used and quality assurancequality control protocols used during the exploration drilling programs are done as described in the Kumtor

Technical Report dated December 31, 2014. The Kumtor deposit is described in the 2019 Annual

Information Form and the Kumtor Technical Report, which are both filed on SEDAR at www.sedar.com.

Exploration information and other related scientific and technical information in this document regarding

the Mount Milligan Mine were prepared in accordance with the standards of NI 43-101 and were prepared,

reviewed, verified and compiled by C. Paul Jago, Member of the Engineers and Geoscientists British

Columbia, Exploration Manager at Centerra’s Mount Milligan Mine, who is the qualified person for the

purpose of NI 43-101. Sample preparation, analytical techniques, laboratories used and quality assurance

quality control protocols used during the exploration drilling programs are done consistent with industry

standards and independent certified assay labs are used. The Mount Milligan deposit is described in the

2019 Annual Information Form and a technical report dated March 26, 2020 (with an effective date of

December 31, 2019) prepared in accordance win NI 43-101, both of which are available on SEDAR at

www.sedar.com.

Exploration information and other related scientific and technical information in this document regarding

the Öksüt Mine were prepared, reviewed, verified and compiled in accordance with NI 43-101 by Mustafa

Cihan, Member of the Australian Institute of Geoscientists (AIG), Exploration Manager Turkey at

Centerra’s Turkish subsidiary Centerra Madencilik A.Ş., who is the qualified person for the purpose of NI

43-101. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control

protocols used during the exploration drilling programs are done consistent with industry standards and

independent certified assay labs are used. The Öksüt deposit is described in Centerra’s most recently filed

Annual Information Form and in a technical report dated September 3, 2015 (with an effective date of June

30, 2015) prepared in accordance with NI 43-101 both of which are available on SEDAR at

www.sedar.com.

About Centerra

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring

and acquiring gold properties in North America, Asia and other markets worldwide and is the largest

Western-based gold producer in Central Asia. Centerra operates two flagship assets, the Kumtor Mine in

the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and now has a third operating

gold mine, the 100%-owned Öksüt Mine in Turkey, which began production in January 2020. Centerra's

shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is based in

Toronto, Ontario, Canada.

Conference Call

Centerra invites you to join its 2020 first quarter conference call on Friday, May 1, 2020 at 8:30 AM Eastern

Time. The call is open to all investors and the media. To join the call, please dial toll-free in North America

1 (800) 895-8003. International participants may access the call at +1 (212) 231-2909. Results summary

slides are available on Centerra Gold’s website at www.centerragold.com. Alternatively, an audio feed

centerragold.com 9

webcast will be broadcast live by Intrado and can be accessed live at Centerra Gold’s website at

www.centerragold.com. A recording of the call will be available on www.centerragold.com shortly after

the call and via telephone until midnight Eastern Time on May 8, 2020 by calling (416) 626-4100 or (800)

558-5253 and using passcode 21958980.

For more information:

John W. Pearson

Vice President, Investor Relations

Centerra Gold Inc.

(416) 204-1953

john.pearson@centerragold.com

Additional information on Centerra is available on the Company’s web site at

www.centerragold.com and at SEDAR at www.sedar.com.

Source: https://s3.amazonaws.com/centerragold/news/May2020/5YXFdR3HDaDjB7YRyKuR.pdf

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Centerra Gold Records Net Earnings of $20.0 million or $0.07 per Common Share, Adjusted Net EarningsNG of $46.4 million or $0.16 per Common Share and Cash from Operations of $121.1 million