Centerra Gold Records Third Quarter Net Earnings of $27.6 million ($0.09 per common share), Adjusted Net EarningsNG of $35.7 million ($0.12 per common share), Cash Provided by Operating. Activities of $62.4 million and Free Cash FlowNG of $41.0 million.

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”. 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.
Toronto, Canada, November 5, 2021: Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and
NYSE: CGAU) today reported its third quarter 2021 results.
Significant financial and operating highlights of the third quarter include:

• Net earnings and adjusted net earningsNG of $27.6 million or $0.09 per common share (basic),
and $35.7 million or $0.12 per common share (basic), respectively.
• Cash flow provided by operating activities and free cash flowNG of $62.4 million and $41.0
million, respectively.
• Mount Milligan Mine and Öksüt Mine recognized free cash flow from mine operations of $25.9
million and $48.9 million, respectively.
• Cash position at quarter-end of $911.7 million with total liquidity of $1,311.7 million.
• Consolidated production of 76,913 ounces of gold and 17.9 million pounds of copper.
• Consolidated gold production costs and copper production costs were $630 per ounce and $1.50
per pound, respectively.
• Consolidated all-in sustaining costs on a by-product basisNG and consolidated all-in costs on a
by-product basisNG were $781 per ounce and $932 per ounce, respectively.
• Full-year 2021 cost guidance lowered for the Öksüt Mine. The Öksüt Mine’s gold production
costs and all-in sustaining costs on a by-product basisNG are now expected to be in the range of
$450 to $500 per ounce and $680 to $730 per ounce, respectively. The Company’s consolidated
gold production costs and all-in sustaining costs on a by-product basisNG are now expected to be in
the range of $600 to $650 per ounce and $700 to $750 per ounce, respectively.
• Legal proceedings relating to the Kumtor Mine continue. During the third quarter of 2021, an
arbitrator was appointed in the arbitration proceedings against the Kyrgyz Republic and
Kyrgyzaltyn JSC and the Company filed an application seeking interim measures in the Kumtor
arbitration proceedings to prevent, among other things, the Kyrgyz Republic and Kyrgyzaltyn JSC
from causing irreparable damage to the mine. On October 27, 2021, the appointed arbitrator
resigned, citing the refusal by the Kyrgyz Republic and Kyrgyzaltyn JSC to agree to protections he
centerragold.com 2
had requested against personal claims being brought against him by the parties or to pay his
requested fees. The Company has requested that the Permanent Court of Arbitration and its
designated appointing authority promptly appoint a replacement arbitrator.
• Quarterly dividend declared of CAD$0.07 per common share.
Commentary
Scott Perry, President and Chief Executive Officer of Centerra stated, “During the third quarter we
continued to demonstrate positive safety performance as the Öksüt mine achieved two million work hours
without a lost-time injury. At the same time, Thompson Creek Mine, Langeloth Facility and Kemess UG
Project each achieved one year without a lost-time injury and our 75%-owned Endako Mine achieved eight
years without a lost-time injury.”
“Across the organization we continue to stay vigilant with respect to the COVID-19 virus. At both our
Mount Milligan and Öksüt Mines, vaccination clinics have been set up for employees and contractors, with
second vaccination doses having been provided to the majority of site employees. We are proactively
maintaining our rigorous safety protocols across the organization to prevent any outbreaks and reduce the
spread of COVID-19 for the health and safety of our employees, contractors, communities and other
stakeholders.”
“Our operations performed well in the third quarter and we achieved Company-wide gold production from
continuing operations of 76,913 ounces at all-in sustaining costs on a by-product basis of $781 per ounce.
With this performance, and what we are expecting in the fourth quarter, we are on track to achieve the
upper-end of our gold production guidance and the lower-end of the all-in sustaining costs on a by-product
basis guidance. During the third quarter, the Mount Milligan Mine produced 39,658 ounces of gold and
17.9 million pounds of copper at all-in sustaining costs on a by-product basis of $727 per ounce. In the
same period, the Öksüt Mine produced 37,255 ounces of gold at all-in sustaining costs on a by-product
basis of $603 per ounce during the third quarter as we started mining and stacking higher grade material,
making it our lowest cost producer in the quarter.”
“Financially, the Company continues to generate significant free cash flow, even without the contribution
from the Kumtor Mine. During the third quarter, we generated $62.4 million in cash provided by operating
activities, including $43.3 million from the Mount Milligan Mine and $52.1 million from the Öksüt Mine.
Company-wide free cash flow from continuing operations in the third quarter of 2021 totalled $41.0 million,
including $25.9 million from the Mount Milligan Mine and $48.9 million from the Öksüt Mine. Both mines
are on track to achieve record free cash flow for the full year. We finished the quarter with a debt-free
balance sheet and a cash position of $911.7 million.”
“Based on the Company’s financial position, strong operating results and cash flows, the Board approved
on November 4, 2021, a quarterly dividend of CAD$0.07 per share.”
“While we continue to seek resolution to the Kumtor Mine dispute, the Company continues to be financially
and operationally strong. At the Öksüt Mine, mining activities will continue in the high-grade zones in the
fourth quarter of 2021 and in 2022. Based on the consolidated results for the first nine months of the year,
including consolidated free cash flowNG from continuing operations of $139.7 million, the Company
remains on track to achieve our revised 2021 consolidated production and cost guidance and potentiallyexceed the upper-end of our consolidated free cash flowNG from continuing operations guidance of $125 to
$175 million in 2021.”
“Lastly, I would like to recognize that after more than 15 years with Centerra, John Pearson, Vice-President,
Investor Relations will be retiring at the end of this year. I want to congratulate John on his upcoming
retirement and thank him for his continuous commitment and dedicated service. During his long tenure,
with Centerra, John has been the backbone of our investor relations efforts, consistently communicating
with the marketplace. Over this time, the Company transformed from having a Central Asia focus into a
multi-mine diverse business. On behalf of myself, the Company, and the Board, I would like to wish John
a happy retirement. Upon John’s retirement, all investor relations responsibilities will be assumed by Toby
Caron, Treasurer and Director, Investor Relations.”
Exploration Update
Exploration activities in the third quarter of 2021 included drilling, surface sampling, geological mapping
and geophysical surveying at the Company’s various projects and earn-in properties, targeting gold and
copper mineralization in Canada, Turkey, Finland and the United States of America.
Exploration expenditures at the Company’s operations were $7.2 million in the third quarter of 2021 The
activities were focused on expanded drilling programs at the Mount Milligan Mine and the Öksüt Mine, as
well as at the Sivritepe Project in Turkey.
A resource expansion drilling program commenced in August 2021 at the Mount Milligan Mine. The
drilling is designed to develop and upgrade resources and reserves in the MBX, WBX and DWBX zones
below and to the west of the current ultimate open-pit boundary. There is the potential for significant
resources to exist in these areas and assays returned throughout the third quarter of 2021 show wide
intercepts of potentially significant mineralization outside the ultimate open-pit boundary. The resource
expansion drilling program will continue into the fourth quarter of 2021 and additional drilling will be
completed in advance of an updated resource model to support a new life-of-mine plan.
At the Öksüt Mine, a resource expansion drilling which commenced earlier in the year was completed early
in the third quarter of 2021. Drilling activities were performed to provide greater confidence to the resources
and reserves within the Keltepe and Güneytepe deposits in support of an updated resource model and new
life-of-mine plan. Exploration drilling activities completed late in the third quarter of 2021 expanded oxide
gold mineralization at the Keltepe North and Keltepe Northwest deposits and provided encouragement that
it may be possible to join these two deposits in the future.
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:
http://ml.globenewswire.com/Resource/Download/7c29d6c2-5f7e-4117-9e23-a12eae1bccab

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Centerra Gold Announces Quarterly Dividend of C$0.07 per common share
Toronto, Canada, November 5, 2021: Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU)
announced today that its Board of Directors has approved a quarterly dividend of C$0.07 per common share – approximately C$20.8 million or US$16.4 million. The quarterly dividend is payable on December 3, 2021, to
shareholders of record on November 19, 2021. The dividend is an eligible dividend for Canadian income tax purposes.
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 the Kumtor Mine and / or COVID-19 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.