Toronto, Canada, October 4, 2022: Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the “Company”) is pleased to announce that, subject to the approval of the Toronto Stock Exchange (“TSX”), it intends to proceed with a normal course issuer bid (“NCIB”) to purchase for cancellation up to an
aggregate of 15,610,813 common shares in the capital of the Company (“Common Shares”), representing approximately 7.1% of Centerra’s total issued and outstanding Common Shares, or 10% of the public float.
As of September 30, 2022, Centerra had 220,086,775 issued and outstanding Common Shares.
Centerra believes that the Common Shares have been trading in a price range which does not adequately reflect the value of such shares in relation to Centerra’s assets and its future prospects. As a result, Centerra
believes that the NCIB will provide the Company with a flexible tool to deploy a portion of its cash balance
to, depending upon future price movements and other factors, repurchase Common Shares while preserving
its strong balance sheet position.
Centerra will file a notice of intention to make a NCIB with the TSX and, subject to the approval of the
TSX, Centerra may purchase Common Shares under the NCIB over a twelve-month period. Under the
NCIB, daily purchases would be limited to 226,201 Common Shares, other than purchases made under
block purchase exemptions. Once the NCIB is commenced, the exact timing and amount of any purchases
will depend on market conditions and other factors. Centerra will not be obligated to acquire any Common
Shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases made under
the NCIB will be made at market price at the time of purchase through the facilities of the TSX and/or
alternative Canadian trading systems in accordance with applicable securities laws and stock exchange
rules.
Centerra intends to establish an automatic share purchase plan in connection with its NCIB to facilitate the
purchase of Common Shares during times when Centerra would ordinarily not be permitted to purchase
Common Shares due to regulatory restrictions or self-imposed black-out periods. Before entering a blackout period, Centerra may, but is not required to, instruct the broker to make purchases under the NCIB based
on parameters set by Centerra in accordance with the automatic share purchase plan, applicable securities
laws and stock exchange rules.
Cautionary Note Regarding Forward-Looking Information
Information contained in this document which are not statements of historical facts may be “forward looking
information” for the purposes of Canadian securities laws and within the meaning of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking information involves risks etc. etc.

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