All figures are in United States dollars and all production figures are on a 100%-basis and continuing operations basis, unless otherwise
stated. This news release contains forward-looking information regarding Centerra Gold’s business and operations. See “Caution
Regarding Forward-Looking Information” in Centerra Gold’s Management’s Discussion & Analysis for the three months ended March
31, 2022 (“MD&A”) included in this press release. All references in this document denoted with NG indicate a “specified financial
measure” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian
Securities Administrators. None of these specified measures is a standardized financial measure under International Financial
Reporting Standards (“IFRS”) and these measures might not be comparable to similar financial measures disclosed by other issuers.
See “Non-GAAP and Other Financial Measures” in the MD&A included in this press release for a discussion of the specified financial
measures used in this document and a reconciliation to the most directly comparable IFRS measure.
Toronto, Canada, May 4, 2022: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today
reported its first quarter of 2022 results.
Significant financial and operating results of the first quarter ended March 31, 2022 included:
• Net earnings for the quarter of $89.4 million or $0.30 per common share (basic).
• Adjusted net earningsNG for the quarter of $56.4 million or $0.19 per common share (basic).
• Cash provided by operating activities for the quarter of $28.3 million.
• Free cash flowNG for the quarter of $9.1 million.
• Gold production for the quarter of 93,784 ounces.
• Copper production for the quarter of 20.6 million pounds.
• Gold production costs for the quarter of $497 per ounce.
• Copper production costs for the quarter of $1.68 per pound.
• All-in sustaining costs on a by-product basisNG for the quarter of $395 per ounce.
• All-in costs on a by-product basisNG for the quarter of $516 per ounce.
• Strong balance sheet with cash position at the quarter-end of $768.4 million.
• Centerra completed the acquisition of the Goldfield Project on February 28.
• The ADR plant at the Öksüt Mine remains on a shutdown since early March due to mercury detected in the
gold room. Mining, crushing, stacking and heap leaching activities continue at the site while the Company is
evaluating different options to address the issue.
• The Company’s full-year 2022 guidance for the Öksüt Mine and consolidated Centerra remain under
review while guidance for the Mount Milligan Mine is unchanged since the last update.
• The impact of the COVID-19 pandemic on its business continues to be minimal as employee absences due
to COVID-19, or any other illnesses have been successfully managed.
• Centerra entered into a global arrangement agreement with Kyrgyzaltyn JSC (“Kyrgyzaltyn”) and the
government of Kyrgyz Republic on April 4, 2022 to effect a clean separation of Centerra from Kyrgyzaltyn and
Kyrgyz Republic, including through the disposition of Centerra’s ownership in the Kumtor Mine and investment
in the Kyrgyz Republic, the purchase for cancellation by Centerra of all of Kyrgyzaltyn’s 77.4 million Centerra
common shares, the termination of Kyrgyzaltyn’s involvement in the Company, and the resolution of their
disputes, among other provisions.
• Quarterly Dividend declared of CAD$0.07 per common share.

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