BC Operations UpdateMinerals North ConferenceMay 23, 2019

Paul JagoExploration ManagerCenterra Gold Inc.

Disclosure Statement

• Statements contained in this presentation, including life-of-mine information and any information as to Centerra Gold‘s (Centerra) futurefinancial or operating performance, which are not historical facts are forward-looking statements that involve risks, uncertainties and otherfactors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied bysuch forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include,among other things: volatility and sensitivity to market prices for gold and copper; replacement of reserves; procurement of required capitalequipment and operating parts and supplies, equipment failure; unexpected geological or hydrological conditions; political risks arising fromoperating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives;competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity,weather and other natural phenomena; failure to obtain necessary permits and approvals from government authorities; changes ingovernment regulations and policies; including tax and trade laws and policies; ability to maintain and further improve positive laborrelations; and other development and operating risks.

• Reserve and resource figures included in this presentation are estimates and no assurances can be given that the indicated levels of goldand copper will be produced or that Centerra will receive the gold and copper price assumed in determining its reserves. Such estimates areexpressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made ata given time may significantly change when new information becomes available. While Centerra believes that the reserve and resourceestimates included are well established and the best estimates of Centerra‘s management, reserve and resource estimates by their natureare imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. Gordon Reid, ProfessionalEngineer and Centerra’s Vice-President and Chief Operating Officer, is the qualified person for the purpose of NI 43-101.

• Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates mayrender ore reserves containing lower grades of mineralization uneconomic and may ultimately result in a restatement of reserves. Theextent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of theirprofitable recovery. The evaluation of reserves or resources is always influenced by economic and technological factors, which may changeover time. Resources figures included in this website have not been adjusted in consideration of these risks and, therefore, no assurancescan be given that any resource estimate will ultimately be reclassified as proven or probable reserves.

• Centerra estimates the future mine life of its operations. No assurance can be given that mine life estimates will be achieved. Failure toachieve these estimates could have a material adverse impact on Centerra‘s future cash flows, earnings, results of operations and financialcondition.

• Although Centerra believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not beplaced on these statements, which only apply as of the date of this report. Centerra disclaims any intention or obligation to update or reviseany forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicablesecurities laws.

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● Centerra is a leading Canadian-based gold and copper producer, having produced 729,556 ounces of gold and 47.1 million pounds of copper in 2018.

● Company Vision: Building a team-based culture of excellence that responsibly delivers sustainability value and growth.

● Company Values:

1. Win as a Team

2. Responsible Miners

3. Deliver Results

4. Continuous Improvement

● Centerra is one of the largest Western-based gold producers in Central Asia with company-wide estimated proven and probable reserves (as at Dec 31st, 2018) of

● 14.2 million ounces of contained gold | 2,465 million pounds of contained copper

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Centerra Gold: Built for Success

Centerra Gold: Built for Success

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Centerra Gold: Built for Success

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Mineral Reserves - Proven and Probable1

Centerra Gold: British Columbia

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Kemess

Chuchi

MAX

MtM

Berg Endako

197 Ma

188 Ma

145 Ma48 Ma

185 Ma

150 km

Geologic Terranes of BC

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Mount Milligan Mine

● Mount Milligan mine began production (first feed) in Fall 2013; current mine life of 21+ years

● Conventional truck-shovel open pit gold & copper mine and concentrator with a 62,500 tpd design capacity copper flotation processing plant

● 100-120 Kt mined per day, 15 m bench height, all waste material used in TSF construction

● At full capacity, the mine produces an average 250 dry tonnes per day of copper-gold concentrate (approx. 21% Cu, 60 g/t Au)

● 2018 production: 194,993 oz gold; 47 Mlbs copper

● 2019 Production Outlook: 155-175 Koz gold; 65-75 Mlbs copper

● Reserves (Proven & Probable) 447.5 Mt at 0.186% Cu, 0.3 g/t Au containing 1.836 Blbs Cu, 4.736 Moz Au

● Additional Resource (Measired & Indicated) 342.2 Mt at 0.136% Cu, 0.2 g/t Au containing 1.028 Blbs Cu, 2.722 Moz Au

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Mount Milligan Mine

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Mount Milligan Employment

● Mount Milligan is located approx. 95 kms from both Mackenzie, BC and Fort St. James, BC

● As of March 2019 Mount Milligan has 543 full time employees

● 65.4%, or 355 employees, live within 3 hours of the mine

● Mount Milligan has two local Community Offices, in Fort St. James and Mackenzie

Mount Milligan: Water Shortage

● Mount Milligan is currently experiencing a water shortage, largely because of consecutive years that were drier than expected and have resulted in a reduced amount of water flowing into the TSF during the spring melt.

● We are seeking amendments to existing Mount Milligan mine permits and Environmental Assessment Certificate to allow us to use water from additional sources near the mine site.

● Adaptive management approaches are being used to ensure environmental protection of the lake, including fish and fish habitat.

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• Environmental Assessment Certificate Amendment #6 received February 26, 2019 authorizing:• Life-of-Mine groundwater exploration and extraction from wells located

within a 6 km buffer of the mine lease• 3-year term to extract surface water from Philip Lake 1 and Rainbow Creek

➢ Term = April 1 – November 30, 2019 to 2021 (no winter pumping)

• No amendment(s) or permit application(s) currently under review

Mount Milligan: Water Shortage

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June 2011 13

Greenfield• 13 drill holes completed (5656 m)• 4 zones (Mitzi East, Heidi, D2, Fugro)

Brownfield• 12 drill holes completed (6669 m)• 3 zones (Saddle West, Goldmark, North Slope)

Mount Milligan: Exploration Programs 2018

IP geophysical survey• 15.5 line-km (6 lines)

June 2011 1414

NPI = Near-pit infill/expansion

NPI• 51 drill holes

completed (18,657 m)

• 6 zones (DWBX, Saddle, Southern Star, 66, MBX, EMBX)

Mount Milligan: Exploration Programs 2018

June 2011 15

500 m

Mount Milligan: Exploration Drilling Highlights

June 2011 16

Goldmark zone18-1090 at 491m55m @ 0.17 g/t Au, 0.23% Cu from 442m

66 zone 18-1080 at 296m125m @ 0.91 g/t Au, 0.01% Cu from 47m

Saddle zone18-1068 at 244 m97m @ 0.41 g/t Au, 0.18% Cu from 225m

EMBX zone18-1076 at 80m22m @ 0.28 g/t Au, 0.48% Cu from 69m

North Slope zone18-1107 at 269 m35m @ 0.36 g/t Au, 0.21% Cu from 246m

Saddle zone18-1110 at 408 m42m @ 0.32 g/t Au, 0.28% Cu from 405m

DWBX zone18-1065 at 172 m15m @ 0.12 g/t Au, 0.23% Cu from 165m

Southern Star zone18-1124 at 53 m165m @ 0.25 g/t Au, 0.10% Cu from 21m

Saddle West zone18.1108 at 23 m36m @ 0.38 g/t Au, 0.08% Cu from 17m

500 m

DWBX zone18-1073 at 203 m12m @ 0.82 g/t Au, 0.23% Cu from 197m

Mount Milligan: Exploration Drilling Highlights

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Mount Milligan: Exploration Programs 2019

• NPI ‣ 22,500 m drilling in ~60 drill holes• Brownfield ‣ 8500 m in 17-20 drill holes• Greenfield (Heidi) ‣ 1500 m in 4-6 drill holes• Geophysics (GF-BF) ‣ 750 line km aeromag survey

Kemess Underground

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Kemess Underground Project is located 564 km northwest of Prince George

Kemess Underground

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• Pre-development project that will use much of the existing Kemess South mine infrastructure (worth CAD $1B); 6km from Kemess South

• Kemess South (1998-2011) open pit mine produced 3.0 Moz Au, 750 Mlbs Cu

• Underground block cave, gold-copper mine (200-500 m below surface); permitted for 25,000 tpd design capacity throughput

• 12 year mine life

• Up to 575 jobs during construction and up to 475 jobs during operation

• Fly-in/fly-out camp; 2/2 rotation

Kemess Underground: Reserves & Resources

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Reserves (Probable):

Kemess East (1 km east of KUG)

177.5 Mt at 0.4 g/t Au, 0.36% Cu, 1.97 g/t Ag, containing 2.30 Moz Au, 1.41 Blbs Cu, 11.2 Moz Ag

Kemess Underground (KUG)

173.7 Mt at 0.3 g/t Au, 0.18% Cu, 1.55 g/t Ag, containing 1.74 Moz Au, 697 Mlbs Cu, 8.63 Moz Ag

Kemess Underground (KUG)

107.4 Mt at 0.5 g/t Au, 0.27% Cu, 1.99 g/t Ag, containing 1.87 Moz Au, 630 Mlbs Cu, 6.88 Moz Ag

Resource in addition to reserves (Indicated):

Modelled cave development over time

Kemess Underground: Proposed Timeline

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Isometric view of panel cave (Looking Northwest)

● March 2017: Positive Environmental Assessment certificate received

● September 2017: Major Mines Permitting Office application submitted

● 2019: Anticipated Centerra Gold Board of Directors approval

● 2020-2025 (approx): Construction period

● 2025 (approx): First production

Kemess North Trend Exploration 2019

(Diakow, 2001)

Kemess North Trend

• A 3.5 km long linear trend that hosts the Nugget, KUG, KOZ and KE prospects

Nugget Zone

• 4500 m in six drill holes to test for eastern continuation into downthrown block

Kemess Underground (KUG) Deposit

• 1700 m in one drill hole to test the conceptual shoulder and footwall zones

Endako Mine

● Open-pit molybdenum mine that began operations in 1965

● Located 17 km west of Fraser Lake, BC

● Owned 75% by Centerra Gold and 25% by Sojitz Corporation

● Fully integrated facility with 55,000 tpdprocessing plant and multiple hearth roaster

● Resource is 169.3 Mt at 0.045% Mo (containing 166 Mlbs Mo)

● Placed on Care & Maintenance July 2015

● Currently team of 10 on site, including 2 in the Environment Department

● Site tours running summer 2019 in partnership with the Village of Fraser Lake

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June, 2014

Endako Mine: Environmental Management

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Ongoing Monitoring:

• Water: weekly, monthly, quarterly

• Continued aquatic effects and environmental monitoring programs

• Working with Water Quality Working Group, made up of local First Nations and Ministry of Environment.

• Reclamation assessment work

Maintain Strong Environmental Performance:

• Compliant with applicable permits and regulations

Tailings:

• Regular inspections. Annual inspection and site visits by Engineer of Record with Golder Associates

• Established Independent Tailings Review Board, 2017

Quartz-moly vein in Endakoquartz monzonite

#2 Tailings Pond, Spring 2018

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BC Exploration: 2019 Overview

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● Paul to update

Centerra Gold in the Community

● Partnerships with Indigenous Groups

• Focused on Employment & Training, Business Opportunities and Environmental Stewardship

● Community Sustainability Committee

• Regional advisory group comprised of local community and Indigenous groups

• Provides input on all BC Project Sites

• Reviews applications for Centerra Gold Community Project Fund which provides up to $10,000 grants for community development projects

● Mining Education Program

• Engage local elementary and high school students about mining and mining careers

• Academic Bursary Program for local high school graduates

● Tours to Mount Milligan & Endako from our local communities

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Before I go…

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Before I go…

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Thank you!

C. Paul JagoExploration Managerpaul.jago@centerragold.com

Centerra Gold Inc.299 Victoria St., Suite 200Prince George, BC V2L 5B8

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