BC Operations UpdateMinerals North ConferenceApril 26, 2018

Paul JagoRegional Exploration ManagerCenterra Gold Inc.

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Centerra Gold: Vision & Values

Company Vision:

Building a team-based culture of excellence that responsibly delivers sustainability value and growth

Golden Rules:1. Never break safety rules and standards2. Wear appropriate PPE3. Report all safety hazards and incidents4. Never use defective equipment or disabled

safety devices5. Be qualified and authorized to use the tools

and equipment6. Be fit for work

• Centerra Gold Inc. is a Canadian-based gold mining and exploration company engaged in the operation, exploration, development and acquisition of gold properties in North America, Asia and other markets worldwide

• In addition to Thompson Creek Metals assets (Mount Milligan mine and the molybdenum assets) acquired in 2016, and the AuRico Metals assets (Kemess project and royalty portfolio) acquired in 2018, the Company’s major assets include:

the Kumtor gold mine in the Kyrgyz Republic, which has produced more than 11.5 million ounces of gold from 1997 to end-2017,

the Boroo gold mine in Mongolia, which produced ~1.8 million ounces of gold. Currently in care and maintenance, site infrastructure to be used for the Gatsuurt Project

the Öksüt gold mine in Turkey, which is currently under construction, with first gold production expected in Q1 2020

and late-stage development projects in Canada, Turkey and Mongolia

• Centerra’s corporate office is located in Toronto, Canada and the Company employs about 3600 people worldwide

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Centerra Gold

Centerra Gold: Built for Success

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Global gold mineral reserve at 16.3 Moz

2017 gold production: 785.3 Koz at AISC of $688/oz

Centerra Gold: British Columbia

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Centerra has 3 projects in north-central British Columbia:

1. Mount Milligan - gold-copper mine (in operation)

2. Endako - molybdenum mine (in care & maintenance)

3. Kemess Underground - gold-copper project (in development)

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Mount Milligan Mine

● Mount Milligan mine began production (first feed) in the Fall of 2013

● Conventional truck-shovel open pit gold and 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)

● current mine life of 21+ years

● Reserves of 467.9 Mt at 0.19% Cu, 0.3 g/t Au containing 1.94 Blbs Cu, 5.14 Moz Au (P&P)

Life-of-mine Phases Plan & Section

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

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● In March 2018, we completed a pipeline to Philip Lake 1, which will provide the mine with a low volume of water for 2018

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

Mount Milligan: Exploration Programs

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● Till Drilling - 19 drill holes to bedrock

● Geometallurgical (Geomet) Drilling - 8 drill holes, sectional interpretations, photographic atlas and geochemistry

● Near-pit Drilling - 13 drill holes (6610 m) for resource upgrade and expansion - first near-pit drilling in 10 years! - added 25.5 Mlbs Cu, 357 Koz Au (Inf.)

2017 Exploration

Within Ultimate Pit boundary

● IP survey - 67.6 line-km, 23 lines at 400 m line spacing, south and east of the mine lease

● Ground magnetic survey - 309 line-km, 121 lines at 100 m spacing, south and east of the mine lease

● Surface geochemical sampling (float) east of mine lease

Outside Ultimate Pit boundary Mag lines redIP lines blue

Mine lease

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2017 ground geophysical survey lines

Mount Milligan: Exploration Programs

92017 ground geophysical survey - challenges

Mount Milligan: Exploration Programs

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● Till Drilling - 17 drill holes to bedrock (4 resource holes into bedrock; 1170 m)

● Near-pit Drilling - 29 drill holes (10,500 m) for resource upgrade and expansion, currently about 4060 m completed

2018 Exploration

Within Ultimate Pit boundary

● IP survey cont’d - 35 line-km at 400 m line spacing, east of the mine lease

● Brownfields (within lease) drilling - 13+ exploration drill holes (7000 m), west of open-pit

● Greenfields (outside lease) drilling - 10+ exploration drill holes (4700 m), west and north of mine lease

Outside Ultimate Pit boundary (starting May-June)

Near-pit drilling target areas 2018

Mount Milligan: Exploration Programs

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Near-pit drilling 2017Core logging in core shack, 2018

18-1065, Chalcopyrite-quartz-calcite veins

17-1048, Polymetallic subepithermal veins

17-1047, Chaclopyrite clot with magnetite

Exploration drill

Blast-hole drillBlast-hole drill

Endako Mine

● Open-pit molybdenum mine that began operations in 1965

● Located about 17 km west of Fraser Lake, BC

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

● Owned 75% by Centerra Gold and 25% by Sojitz Corporation (a Japanese Company)

● Placed on Care & Maintenance July 2015

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

● Currently team of 9 on site, including 2 in the Environment Department

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Kemess Underground (KUG) Project

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● Brownfield development project that will use much of the existing Kemess South mine infrastructure (worth CDN $1B)

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

● KUG underground block cave, gold-copper mine (200-500 m below surface)

● KUG is 6 km north of Kemess South

● 25,000 tpd design capacity processor

● 12 year mine life

Reserves (KUG) and resource (KE):

KUG 107.4 Mt at 0.5 g/t Au, 0.27% Cu, 1.99 g/t Ag containing 1.88 Moz Au, 630 Mlbs Cu, 6.88 Moz Ag (P&P)

Kemess East (1 km east of KUG)

113.1 Mt at 0.5 g/t Au, 0.38% Cu, 1.94 g/t Ag - containing 1.68 Moz Au, 954 Mlbs Cu, 7.07 Koz Ag (M&I)

Kemess Underground: Proposed Timeline

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● March 2017: a positive Environmental Assessment certificate was received

● September 2017: Major Mines Permitting Office application submitted

● Mid-2018: anticipated receipt of permits and construction decision after board approval

● 2018-2022: 4-year construction period

● 2022: first production

● May 2017, positive PEA released

● Potential 12 yr U/G panel cave operation

Kemess East850-1600 m depth

Before I go…

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Thank you!

Paul JagoRegional Exploration Managerpjago@tcrk.com

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Centerra Gold Inc.177-100 Victoria St.

Prince George, BC V2L 5R8communityrelations@tcrk.com