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 Gold’s business and operations. See “Caution Regarding Forward-Looking Information”.
Toronto, Canada, November 4, 2020: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) today reported its third quarter 2020 results. Key events and operating results of the third quarter included:
. Net earnings of $205.7 million and $0.70 per common share (basic).
. Cash flow from operations of $358.8 million, and free cash flowNG of $281 million.
. Cash position of $484.2 million at quarter end with total liquidity of $984.2 million.
. Production totalled 241,448 ounces of gold and 23.3 million pounds of copper.
. Production costs per ounce of gold sold and production costs per pound of copper sold were $386 per ounce and $0.95 per pound, respectively.
. All-in sustaining costs on a by-product basis per ounce soldNG were $528 per ounce.
. Guidance Update: No change to gold production guidance targeted at 740,000 to 820,000 ounces.
Guidance for full year all-in sustaining costs on a by-product basis per ounce soldNG has been reduced to $740 to $790 (previously $820 to $870 per ounce).
. The Kumtor Mine is on target to achieve both production and cost guidance for 2020.
. We continue to advance work on the Kumtor technical report.
. Quarterly Dividend of CAD$0.05 per common share.
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, “We continue to stay vigilant at all of our operations to prevent an outbreak and avoid the spread of the COVID-19 virus and to ensure the health, safety and well-being of our employees, contractors and communities. We are also carefully observing the unfolding political events in the Kyrgyz Republic in order to ensure uninterrupted operations at Kumtor.”
“At our Öksüt operation, we have celebrated a recent safety milestone, when on July 19, 2020, Öksüt achieved 3 million consecutive hours 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 continued into this quarter and our Öksüt Mine demonstrated the additional value it brings to our operating portfolio on all metrics; production, low cost and free cash flow generation. We have re-affirmed our Company-wide full year gold production guidance of 740,000 to 820,000 ounces with year to date production of 651,614 ounces and expect to be near the upper end of guidance for the year. We have reduced our all-in sustaining costs on a by-product basis per ounce soldNG guidance to $740 to $790 per ounce from previously issued guidance of $820 to $870 per ounce, due to performance to date at both the Mount Milligan and Öksüt mines. The Mount Milligan Mine in the first nine months of 2020 also achieved an important milestone, producing the highest level of concentrate tonnes (138,972 tonnes) since the start of the operations in 2014. We continue to advance the Kumtor technical report, with additional work being incorporated into the new life of mine plan with respect to mining costs, recoveries and waste rock stability assessments.”
“Our operations in the quarter delivered consolidated gold production of 241,448 ounces at all-in sustaining costsNG on a by-product basis of $528 per ounce sold in the quarter. Kumtor had another strong quarter producing 140,182 ounces of gold at all-in sustaining costsNG on a by-product basis of $639 per ounce sold.
Mount Milligan produced 49,854 ounces of gold and 23.3 million pounds of copper at all-in sustaining costsNG on a by-product basis of $165 per ounce sold. Öksüt continued to ramp up production, producing 51,412 ounces of gold, during the quarter, at an all-in sustaining costsNG on a by-product basis of $416 per ounce. Öksüt year to date, is our lowest cost mine with an all-in sustaining costsNG on a by-product basis of $433 per ounce.”
“Financially, the Company generated $358.8 million of cash from operations for the third quarter of 2020, which includes $208.3 million from Kumtor, $70.4 million from Mount Milligan and $85.4 million from Öksüt. During the third quarter of 2020, Kumtor, Mount Milligan and Öksüt delivered free cash flow from mine operationsNG of $157.3 million, $63.1 million and $74.1 million, respectively. Company-wide, free cash flow NG in the third quarter of 2020 was $281 million resulting in year-to-date free cash flow NG of $526.9 million and we finished the quarter with cash of $484.2 million and no debt.”

Guidance
Consolidated gold production in the first nine months of 2020 was 651,614 ounces compared to the full
year guidance range of 740,000 to 820,000 ounces, which remains unchanged.
Centerra has reduced its consolidated 2020 guidance for production costs per ounce of gold sold to $410 to
$460 per ounce and its guidance for all-in sustaining costs on a by-product basis per ounce soldNG to $740
to $790 per ounce from previously issued guidance of $450 to $500 per ounce and $820 to $870 per ounce,
respectively, as a result of lower operating costs at the Mount Milligan and higher production at the Öksüt
Mine.
Mount Milligan’s 2020 guidance for production costs per ounce of gold sold has been lowered to $730 to
$780 per ounce and its guidance for all-in sustaining costs on a by-product basis per ounce soldNG has been
lowered to $750 to $800 per ounce from previously issued guidance of $750 to $800 per ounce and $885
to $935 per ounce, respectively, due to decreased milling and mining costs.
Öksüt’s 2020 guidance for production costs per ounce of gold sold has been lowered to $345 to $395 per
ounce and its guidance for all-in sustaining costs on a by-product basis per ounce soldNG has been reduced
to $500 to $550 per ounce from previously issued guidance of $375 to $550 per ounce and $650 to $700
per ounce, respectively. This reduction is due to a combination of positive grade and tonne reconciliations,
and effective cost control during this initial year of production.
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 has established strict COVID-19
protocols at its mine sites to help prevent infection and reduce the potential transmission of COVID-19,
implemented travel restrictions, and has temporarily closed various administration offices including its head
office in Toronto. In addition, operating mine sites continue to assess the resiliency of their supply chains,
increase mine site inventories of key materials and develop and implement contingency plans to allow for
continued operations.
COVID-19 has not materially negatively affected Centerra’s operations. Employee absences due to
COVID-19 and other illnesses have so far been successfully managed. Though such absences at Kumtor
resulted in a reduction in mining capacity in the second and third quarters of 2020, they are not expected to
materially affect Kumtor’s 2020 production and costs. For more details, please refer to “Operating Mines
and Facilities - Kumtor Mine” in the Company’s management’s discussions and analysis dated November
3, 2020.
The Company notes that the effects of COVID-19 on its business continue to change rapidly. The measures
enacted to date 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.
centerragold.com 4
Kyrgyz Republic
Despite political and social disruption in the Kyrgyz Republic following its recent Parliamentary election
held during the first week of October 2020, operations at the Kumtor Mine continue. Mining and gold
production continue at targeted rates, and regular gold shipments are being made. No disruptions have
occurred to the mine’s supply chain as borders are open for cargo and customs is functioning normally.
The Company understands that other mining companies within the Kyrgyz Republic experienced property
damage and interruption in their operations in connection with protests that occurred following the October
4, 2020 parliamentary elections. While Kumtor did not experience any material issues at its offices or mine
site, the Company and Kumtor will continue to remain on alert. The Company is monitoring the situation
and is taking all the necessary precautions to ensure the safety of its personnel and operations. Centerra and
Kumtor will continue to cooperate and work with the Kyrgyz Government and state agencies to ensure
uninterrupted operation of the mine.
An interim government led by Prime Minister Sadyr Japarov has been installed in the Kyrgyz Republic
and, following the resignation of former President Sooronbai Jeenbekov, Mr. Japarov is also acting
President. The Company further understands that new presidential elections have been scheduled for
January 10, 2021 but that new parliamentary elections are yet to be scheduled.
Exploration Update
Exploration activities in the third 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, Turkey, Finland, USA and the Kyrgyz Republic. In the third quarter
of 2020, the Company ceased exploration activities in Mexico. The Company has expanded its 2020
exploration program when compared to 2019 and is primarily focused on brownfield exploration at Kumtor,
Mount Milligan and Öksüt. Exploration expenditures totalled $11.7 million in the third quarter of 2020,
which reflect the impact of delays associated with COVID-19, compared to $7.6 million in the same quarter
of 2019.
Selected drill program results and intercepts are highlighted in the supplementary data at the end of this
news release. The drill collar locations and associated graphics are available at the following link:
https://pr.globenewswire.com/FileDownloader/DownloadFile?source=ml&fileGuid=2b90b26
b-acaf-4497-a462-4882800e1dfd

see & read more on
https://s3.amazonaws.com/centerragold/news/November2020/DI2PDB9gopUdaCzpiZPP.pdf

AND DIVIDEND
Centerra Gold Announces Quarterly Dividend of C$0.05 per common share
Toronto, Canada, November 4, 2020: Centerra Gold Inc. (“Centerra”) (TSX: CG) announced today that its Board of Directors has approved a quarterly dividend of C$0.05 per common share – approximately C$14.8 million or US$11.3 million. The quarterly dividend is payable on December 4, 2020 to shareholders of record on November 20, 2020. The dividends are eligible dividends for Canadian income tax purposes.
Centerra continues to proactively monitor closely the evolving situations relating to COVID-19 and the political events in the Kyrgyz Republic that occurred in the third quarter of 2020 and how these situations may affect the Company’s business. The Company notes that going forward, in addition to the other factors that the Board of Directors normally considers in connection with the declaration of dividends, it will also need to carefully consider whether, and the extent to which, developments relating to these matters may affect its dividend program. In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, Centerra’s current and anticipated capital requirements, and general business conditions.