Investor PresentationJanuary 2019 TSX: CG

www.centerragold.com

Caution Regarding Forward-Looking Information

2

Information contained in this document which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws. Suchforward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward lookinginformation. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. Theseforward-looking statements relate to, among other things, our expectations regarding: water availability at the Mount Milligan mine including sources and timing of availability, mill throughput levels expected for 2019, the outcome andtiming for receiving a response on the Company’s submission for an amendment to the Mount Milligan environmental assessment certificate, including the Company’s expectations that the water sources will be available to 2021, andthe Company’s work with respect to an updated long-term water supply plan to be available from 2021 to the life-of-mine; the closing of the Strategic Agreement entered into with the Kyrgyz Republic Government and the relatedresolution of outstanding matters which affect the Kumtor Project, including outstanding regulatory and court proceedings; the progress of development activities at the Öksüt Project, including expected dates of completion for variousdevelopment activities, and expected costs and timing to first gold pour; expectations on receiving an amended/new air emissions permit for the Kemess project, and plans to develop the water treatment plant and water dischargesystem; expectations on receiving the provincial EA approval for the Greenstone Project; operational plans at Kumtor and Mount Milligan in 2019; the Company’s cash on hand, working capital, future cash flows and existing creditfacilities being sufficient to fund anticipated operating cash requirements; exploration plans 2019, including the execution of the Kumtor drill program; and statements found under the heading, “2019 Outlook”, including forecasted2019 production costs, capital, corporate administration and exploration expenditures, depreciation, depletion and amortization expenses and taxes.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitiveuncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors that could cause actual results or events to differ materiallyfrom current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic and Canada; risks that any of the conditionsprecedent to the Strategic Agreement will not be satisfied in a timely manner or at all, particularly as the Government may not bind the General Prosecutor’s Office or the Parliament of the Kyrgyz Republic; a decision by the GeneralProsecutor’s Office, or its successor the Anti-Corruption Service of the State Committee for National Security, to re-open at any time civil or criminal proceedings against Centerra, its subsidiaries or other stakeholders; the failure of theGovernment to comply with its continuing obligations under the Strategic Agreement, including the requirement that it comply at all times with its obligations under the Kumtor Project Agreements, allow for the continued operation ofthe Kumtor Mine by KGC and KOC and not take any expropriatory action; actions by the Government or any state agency or the General Prosecutor's Office that serve to restrict or otherwise interfere with the payment of funds by KGCand KOC to Centerra; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, includingwith respect to the environment, in the jurisdictions in which the Company operates including any delays or refusals to grant required permits and licenses, unjustified civil or criminal action against the Company, its affiliates or itscurrent or former employees; risks that community activism may result in increased contributory demands or business interruptions; the impact of any actions taken by the Kyrgyz Republic Government and Parliament relating to theKumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under the Kumtor Project Agreements; any impact on the purported cancellation of Kumtor’s land use rights at the Kumtor Project; the risksrelated to other outstanding litigation affecting the Company’s operations; the impact of the delay by relevant government agencies to provide required approvals, expertises and permits; potential impact on the Kumtor Project ofinvestigations by Kyrgyz Republic instrumentalities; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian individuals andentities; potential defects of title in the Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significantshareholder that is a state-owned company of the Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra’s future exploration and development activities notbeing successful; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related tokidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-priced sales contracts forproduction at Mount Milligan, reliance on a few key customers for the gold-copper concentrate at Mount Milligan, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and theassumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from pursuing certainbusiness activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditions on theCompany’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related tooperational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the movement of the Davidov Glacier, waste and ice movement and continued performance of thebuttress at the Kumtor Project; the occurrence of further ground movements at the Kumtor Project and mechanical availability; the risk of having not sufficient water to continue operations, particularly at Mount Milligan and the abilityof the Company to achieve expected mill throughput; the Company’s ability to obtain necessary approvals to access additional water sources for the Mount Milligan mill; the success of the Company’s future exploration anddevelopment activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insuranceto mitigate operational risks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collectiveagreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment and supplies given the remotelocation of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; the Company’s ability to accurately predict decommissioning and reclamationcosts; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; and risks associated with the conduct of joint ventures/partnerships; the Company’s ability to manage its projectseffectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. See section titled “Risks that can affect our business” in the Company’s most recently filed AnnualInformation Form available on SEDAR at www.sedar.com.

Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates may render ore reserves containing lower grades of mineralization uneconomic and may ultimatelyresult in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic and technological factorswhich may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra can give no assurances that any mineralresource estimate will ultimately be reclassified as proven and probable reserves.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary ordiffer materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should beconsidered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information is as of January 15, 2019. Centerra assumesno obligation to update or revise forward looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law. Except asotherwise noted herein, Gordon Reid, Professional Engineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this presentation. Mr. Reid is aQualified Person within the meaning of NI 43-101. For more information, please refer to the properties technical reports, which are available on SEDAR. All figures are in United States dollars unless otherwise stated.January 2019

1. All-in sustaining costs per ounce sold (AISC) is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s most recent MD&A & News Release January 15, 2019. 2018e AISC: Kumtor $700 to $750/oz, Mount Milligan $825 to $875/oz and 2019e AISC: Kumtor $666 to $703/oz, Mount Milligan $727 to $821/oz see News Release January 15, 2019.

2. Refer to Company’s news releases May 17, 2018, June 27, 2018 and October 12, 2018.3. As at September 30, 2018.

Corporate Highlights

2018 actual gold production 730koz, copper production 47Mlbs, AISC1 of $805 per ounce (2018 guidance mid-point)

Portfolio optimization2:• Sold royalty assets for $155MM; • Sold silver stream on Kemess Project for $45MM• Sold Mongolian business unit for $35MM

2019 estimated gold production up to 740koz, copper production up to 75Mlbs, AISC1 of $723-to-$775 per ounce

Öksüt mine construction: First gold pour estimate Q1, 2020

Progressing two advanced stage growth projects in Canada

Cash balance3 of $195MM and total liquidity3 of $545MM

3

Consensus Asset NAV Breakdown

Centerra: Built For Success

Profitably Growing Gold Production

0

1,000

Kumtor Mt Milligan Oksut Kemess UG Greenstone Total

Ounc

es (0

00’s)

Canada54%Kyrgyz

Republic34%

Turkey10%

U.S.2%

January 2019

417

195

155 246

27 22 126

0

100

200

300

400

500

600

700

2017 YE Cash Proceeds fromsale of Royalties

AMI Acquisition Mt Milligan Kumtor Dev Projects, G&A,Debt Repayments

& Other

2018 Q3 Cash

4

Liquidity Profile Sept.30, 2018 (US$MM’s)

Net Cash Position1 (US$MM’s)

2018 YTD Cash Flow (US$MM’s)

Retained Earnings Profile (US$)

0

400

800

1,200

1,600

2,000

0

200

400

600

800

1,000

1,200

1,400

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q32018

Gold

Pric

e (U

S$/o

z)

US$

Milli

ons

Retained Earnings Cumulative Dividends Gold Price

Centerra: Q3 - 2018 Corporate Update

1 Includes cash and cash equivalents, short-term investments and excludes $27MM restricted cash at September 30, 2018. 2 Represents the Company’s cash position at September 30, 2018, excluding $27MM restricted cash. 3 Undrawn amounts of the $150MM Öksüt credit facility and the $500MM corporate credit facility as at September 30, 2018.

1

119

(142)

(250)

(200)

(150)

(100)

(50)

0

50

100

150

12 3 3

US$545MM

January 2019

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

730 9,100 16,008 23,666 30,082 36,417 39,898 42,962

AIS

C,

net

(U

S$

/oz

Au

)

Cumulative Gold Production (koz Au)

75%

Centerra: Lower-Cost Asset Base

5

AISC Industry Curve (By-Product Basis)

100%50%25%

Kumtor(US$666-703/oz)

Centerra Gold(US$723-775/oz Au)

Source: SNL Metals.Notes: Centerra AISC figures based on 2019 cost guidance, unless noted.1. Kemess Underground AISC based on LOM plan as per National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings on SEDAR2. Öksüt AISC based on LOM plan as per the NI 43-101 Technical Report On The Öksüt Gold Project, Turkey dated September 3, 2015

Mount Milligan(US$727-821/oz)

Öksüt(US$490/oz)(2)

Kemess Underground(US$244/oz)(1)

January 2019

Positioned to generate free cash flow through the price cycles

6

P / NAVPS (x) P / 2019E CFPS (x) P / 2019E Earnings (x)

0.28x

0.51x

0.54x

0.54x

0.63x

0.69x

0.76x

0.78x

0.91x

0.97x

1.01x

1.13x

1.18x

1.27x

1.38x

1.60x

ELD‐CA

PVG‐CA

AGI‐CA

CG‐CA

IMG‐CA

DGC‐CA

TXG‐CA

NGD‐CA

YRI‐CA

EDV‐CA

CEE‐CA

SSRM‐CA

CDE‐US

BTO‐CA

OGC‐CA

KL‐CA

3.0x

3.5x

3.5x

3.9x

4.2x

4.8x

4.9x

5.5x

5.6x

5.8x

5.9x

6.2x

6.8x

7.2x

10.4x

10.9x

NGD‐CA

ELD‐CA

CG‐CA

TXG‐CA

YRI‐CA

IMG‐CA

PVG‐CA

CDE‐US

EDV‐CA

CEE‐CA

AGI‐CA

DGC‐CA

BTO‐CA

OGC‐CA

SSRM‐CA

KL‐CA

8.6x

8.9x

15.0x

15.0x

15.1x

17.4x

18.2x

20.7x

20.8x

23.7x

25.8x

38.6x

48.0x

50.2x

CG‐CA

PVG‐CA

CEE‐CA

EDV‐CA

TXG‐CA

BTO‐CA

KL‐CA

YRI‐CA

OGC‐CA

AGI‐CA

DGC‐CA

IMG‐CA

CDE‐US

SSRM‐CA

Source: S&P Capital IQ, Factset, Canaccord Genuity

Centerra: Compelling Valuation

January 2019

Centerra: Leading Capital Efficiency and Profitability

7January 2019

(1) Source: Bloomberg as per Q3 2018

11%

8%

6%

5%

4%

2%

2%

1%

1%

0%

(0%)

OceanaGold

Centerra

B2Gold

Alacer

Detour

Kinross

Yamana

New Gold

Alamos

Eldorado

IAMGOLD

L3Y Return on Invested Capital (%) L3Y Return on Capital (%) L3Y Return on Equity (%)

10%

7%

4%

2%

1%

(0%)

(2%)

(2%)

(6%)

(12%)

(14%)

OceanaGold

Centerra

Alacer

Detour

B2Gold

Alamos

IAMGOLD

Kinross

New Gold

Yamana

Eldorado

11%

8%

4%

1%

1%

(1%)

(4%)

(4%)

(12%)

(16%)

(17%)

OceanaGold

Centerra

Alacer

Detour

B2Gold

Alamos

IAMGOLD

Kinross

New Gold

Eldorado

Yamana

Centerra: Growing Intrinsic Value

8

236  237 252 

292 

0

50

100

150

200

250

300

350

2014 2015 2016 2017

Shares Outstanding (MM's)

32.63 35.44 

63.49 

55.82 

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

2014 2015 2016 2017

Reserves Per 1,000 Shares

2.63 

2.27 

2.38 

2.69 

2.00

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

2014 2015 2016 2017

Production Per 1,000 Shares

852 814 

682  688 

0

100

200

300

400

500

600

700

800

900

1,000

2014 2015 2016 2017

All‐In Sustaining Cost(1) (US$/oz)

(0.19)

0.18 

0.60 0.72 

(0.60)

(0.40)

(0.20)

0.00

0.20

0.40

0.60

0.80

1.00

2014 2015 2016 2017

Company‐Wide After‐Tax Earnings Per Share (US$)

1.59 

1.41 1.48 

1.72 

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2014 2015 2016 2017

Company‐Wide Operating Cash Flow Per Share (US$)

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release January 15, 2019.

Objective is to be a self-funded business with steady growth in production per share and cash flow per share

January 2019

9

Centerra has a strong track record of beating both production and AISC guidance

Operating Statistics vs. Guidance (koz Au)

(1) 2016 statistics and guidance excludes Mount Milligan (transaction closed in October 2016).(2) Non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s News Release Jan.15, 2019, 2018 actual All-in Sustaining Cost not available until year-end results released.

January 2019

1

2

Centerra: Delivering Results Operations vs. Guidance

170U/G miners

207U/G miners

240U/G miners

240U/G miners

2016 2017 2018 2019EGuidance

Gold Production (koz) 551 563 535 535-565

All-In Sustaining Costs ($/oz) (1) $640 $698 $725e $666-$703

Sustaining Capital ($MM)(1) $61 $61 $41e $45

Growth Capital ($MM)(1) $15 $18 $17e $14

Projected Asset Life (years) +8

Reserves(2) (Moz) 4.5

Au Grade (g/t) 2.4

Resources M&I(2) (Moz) 2.6

Au Grade (g/t) 2.8

World Class Cornerstone Asset Significant Open Pit Gold Production to 2026

YE target of 4,000tpd

2017 generated $188MM free cash flow(1)

21 years of uninterrupted profitable production

More than 4M ounces remaining in open pit reserves

Low cost, long life production

Underground opportunity (inferred 3.4Moz @ 7.3 g/t)2

Strong stable platform to grow Centerra10January 2019

Kumtor: World Class Open Pit Gold Mine

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s News Release January 15, 2019. (2) Refer to February 8, 2018 mineral reserves and resources news release.

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

200,000

350,000

500,000

650,000

2014 2015 2016 2017 2018 2019 2020 2021 2022

grad

e g/t

Oun

ces

11

2016 2017 2018 2019E Guidance

Gold Production (koz) 205 223 195 155-175

Copper Production (Mlbs) 59 54 47 65-75

All-In Sustaining Costs(US$/oz)(1) $509 $505 $850e $727-$821

Sustaining Capital ($MM)(1) NA $30 $52e $37

Remaining reserve life (years) +20

Gold CopperP&P Reserves(2) 5.1Moz 1,938Mlbs

Grade 0.3g/t 0.188%

Royal Gold Stream 35% @ US$435/oz

18.75% @ 15% of spot Cu price

2017 generated $127MM free cash flow(1)

20+ years of production from existing P&P reserves(2)

5.1M gold reserve ounces(2)

Low cost, long life production

Stable, mining-friendly jurisdiction

Tax loss pools, no cash taxes until 2022/2023

Mount Milligan: Long Life, Low Cost Gold Copper Mine

Significant Gold and Copper ProductionSignificant Open Pit Gold and Copper Production

(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s News Release January 15, 2019. 2016 AISC is for the period Oct.20 to Dec.31, 2016.(2) Refer to February 8, 2018 mineral reserves and resources news release.

205195

165

5954

47

70223

0

10

20

30

40

50

60

70

80

0

50

100

150

200

250

2016 2017 2018 2019E 2016 2017 2018 2019ECOPPER

Copp

erM

lbs

Gold

oun

ces

(000

’s)

GOLD

January 2019

Cu

Au

2018 Drilling- In-pit drilling

- Phase 1 11,000 metres- Phase 2 8,000 metres

- Brownfield drilling- 6,700 metres

- Resource update expected late Feb. with Q4 year-end release

Mount Milligan: 2018 Exploration

January 2019 12C. Paul Jago, a Member of Engineers and Geoscientists British Columbia, is Centerra’s qualified person for the purpose of National Instrument 43-101.

13

Mine Type Open Pit, Heap Leach

Avg. LOM Annual Production 110koz Au

Avg. LOM AISC(1) (US$/oz) $490

Reserve Mine Life 8 years

Development Capex (US$MM) $221

LOM Sustaining Capital(1) (US$MM) $10

P&P Reserves(2)(Moz) 1.2

Au grade (g/t)(2) 1.3

Life of Mine Strip Ratio (w:o) 2:1

First Gold Pour Q1-2020

2015 Feasibility Highlights

EIA approval received in November 2015

Forestry Permit & GSM License received July 2016

Pastureland Permit received January 2018

Investment Incentive Certificate received February 2018

Construction on track for Q1 2020 gold pour

Bought back Stratex and Teck royalties

US$150MM low-cost +5-year financing in-place

Catalyst Schedule

Öksüt Gold Project

(1) Non-GAAP measure see “Non-GAAP Measures” in the Company’s News Release of January 15, 2019.(2) Refer to February 8, 2018 news release and Technical Report on Öksüt Gold Project dated September 3, 2015.

Öksüt: Funded High Margin Gold Production

Profitably Growing Gold Production

0

1,000

Kumtor Mt Milligan Oksut Kemess UG Greenstone Total

Ounc

es (0

00’s)

January 2019

14

Öksüt: Q4-2018 Construction Update

Admin Area Construction Primary Crusher Retaining Wall Primary Jaw Crusher Installation

Secondary Crusher Installation ADR Plant Construction Electric Sub-Station

January 2019

Kemess: C$1Billion of InfrastructureFly-in, Fly-out Work Camp Permitted Open Pit Tailings Storage Facility

50ktpd Metallurgical Facility Kemess Proximity to Mount Milligan

15

Mount Milligan

KemessProject Tsay Keh

Kwadacha(Fort Ware)

Dawson Creek

Prince GeorgePrinceRupert

Terrace SmithersFort St. James

TaklaLanding Mackenzie

Kemess Project

Omineca Resource Access RoadForest Service Road

0 200

Kilometers

100

Endako

January 2019

16

Kemess Underground – 2016 Feasibility Highlights(1)

Mine Type Underground Block Cave

Avg. LOM Gold Production (koz) 106

Avg. LOM By-Product AISC (US$/oz)(2) $244

Reserve Mine Life (years) 12

Development Capex (C$MM)(3) C$604

P&P Au Reserves (Moz)(4) 1.9

P&P Au Reserve Grade (g/t) 0.54

P&P Cu Reserves (Mlbs)(4) 629.6

P&P Cu Reserve Grade (%) 0.27%

After-tax NPV5% (C$MM) C$258

Kemess East– 2017 PEA Highlights(1)

Mine Type Underground Panel Cave

Avg. LOM Gold Production (koz) 80

Avg. LOM By-Product AISC (US$/oz)(2) ($69)

Reserve Mine Life (years) 12

Development Capex (C$MM) C$327

M&I Au Resource (Moz)(5) 1.7

M&I Au Grade (g/t) 0.46

M&I Cu Resource (Mlbs)(5) 954.0

M&I Cu Grade (%) 0.38%

After-tax NPV5% (C$MM) C$375

Kemess: Large, Low-Cost Production

KE Gold and Copper Production(1)KUG Gold and Copper Production(1)

--

20

40

60

80

--

40

80

120

160

Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13

Copp

er (

Mlb

s)

Gol

d (k

oz)

Project Schedule YearAu Cu

0

20

40

60

80

--

40

80

120

160

Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17

Copp

er (

Mlb

s)

Gol

d (k

oz)

Project Schedule YearAu Cu

(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 Technical Report for the Kemess Underground and Kemess East Project, British Columbia, Canada, available in the AuRico Metals filings on SEDAR. A preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

(2) AISC is a Non-GAAP measure(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.(4) Kemess Underground reserves are estimated using a gold price of $1,200 per ounce, copper price of $2.50 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$17.30 per tonne.(5) Kemess East resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.32CAD and an NSR cut-off of C$17.30 per tonne.

January 2019

50:50 development partnership with Premier Gold

Open pit reserves(1) (100%) 4.7Moz Au @ 1.02 g/t

Historic gold production of 4.12M oz (~1934-1970)

Large land package covers 337km2, good infrastructure

Significant exploration and underground resource potential

2017 final EIS/EA filed, mine permitting and IBA work underway

2018 Federal EA approval, 1 IBA ratified

17

Cornerstone Canadian Development Project Ontario: Top Tier Mining Jurisdiction

Greenstone GoldProperty

Greenstone Development Project

Location: Ontario, Canada

2016 Feasibility Highlights (100%)Mine Type Open Pit, CIP MillMill Throughput design 27,000 tpdAvg. LOM Annual Production 288koz AuAvg. LOM AISC(2) (US$/oz) $600Reserve Mine Life 14.5 yearsDevelopment Capex (US$MM) $962Sustaining Capital(2) (US$MM) $101P&P Reserves(1)(Moz) 4.7Au grade (g/t) 1.02Life of Mine Recovery 90%Life of Mine Strip Ratio (w:o) 3.87:1NPV(5%) - after tax (US$MM) ~$545

Projected Gold Production (100%)

Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines

(1) See Technical Report on the Hardrock Project dated December 21, 2016. (2) Non-GAAP measure, see “Non-GAAP Measures” in Company’s News Release January 15, 2019.

Geraldton

Beardmore

Beardmore – Geraldton Greenstone Belt +110 km

Brookbank Deposit

Hardrock Deposit

January 2019

Centerra: 2019 Exploration - Map of Projects

18January 2019

2016A 2017A 2018E 2019E

Exploration spending ($MM) $11 $13 $23 $30

Centerra: Potential Upside Optionality - Molybdenum

19

Molybdenum Price Movement Thompson Creek Mine

Endako Mine

● Located in Idaho, is the world’s fourth largest open-pit primary molybdenum mine

● Operations began in 1983, using conventional open-pit mining and a on-site 25,500 tpd mill

● In December, 2014 placed on care and maintenance

● Endako Mine is a fully integrated molybdenum facility located in BC

● TCM is the operator and 75% owner; Sojitz owns 25%

● Endako consists of three adjoined pits and a fully integrated operation with on-site mill and multiple hearth roasting facility

● New 55,000 tpd processing facility was completed in 2012 for~US$500MM

● In July 2015 placed on care and maintenance

Langeloth Metallurgical Facility

● Located 40 km west of Pittsburgh, Pennsylvania

● Operates both as a toll processor and as a purchaser of molybdenum concentrates from third parties, producing a suite of premium molybdenum products

● Cash flows from the Langeloth operations are expected to cover care and maintenance expenses associated with the molybdenum mines

Historical Molybdenum Segment EBITDA(1)

$444

$126

$269 $265

$18

$126 $124

($21)

2008 2009 2010 2011 2012 2013 2014 2015

(US$MM)

(1) Prior to intersegment eliminations. Historical EBITDA not reported, therefore calculated based on historical segment disclosure.January 2019

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

$ US

D pe

r Pou

nd

Appendix TSX: CGwww.centerragold.com

Mount Milligan: Short-term Water Sources

21January 2019

22

Expected Catalyst ScheduleKemess Underground EA Approval Received – Q1 2017

First Nations IBA Received – Q2 2017

Kemess Underground Permit Received – July 2018

Effluent Discharge Permit Received – September 2018

Last Normal Course Permits Anticipated – Q1 2019

Kemess: De-Risked Brownfield Project(1)

Mount Milligan

KemessProject Tsay Keh

Kwadacha(Fort Ware)

Dawson Creek

Prince GeorgePrinceRupert

Terrace SmithersFort St. James

TaklaLanding Mackenzie

Kemess Project

Omineca Resource Access RoadForest Service Road

0 200

Kilometers

100

Endako

• Established mining jurisdiction

• Advanced-stage− EA Approved, IBA in hand, Amended Mines Act

Permit (construction permit) received, Effluent Discharge Permit received, FS complete

• Low-risk brownfield development

• C$1 billion of existing infrastructure− 25,000 tpd mill, road, power, tailings, rail load-out,

camp, airstrip

• Sizeable resource1

− Kemess Underground(2): P&P of 1.9Moz gold and 0.6Blbs copper and M&I (including P&P) of 3.3Moz gold and 1.2Blbs copper

− Kemess East(3): M&I of 1.7Moz Au and 1.0Blbs Cu

• Long life − 12 years at Kemess Underground plus a further

12 years at Kemess East

• Highly marketable clean concentrate

• Kemess Underground significant upside(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 Technical Report for the Kemess Underground and Kemess East Project, British Columbia, Canada, available in the AuRico Metals filings on SEDAR.

Kemess East Project (KE) preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

(2) Kemess Underground P&P reserves are estimated using a gold price of $1,200 per ounce, copper price of $2.50 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$17.30 per tonne. M&I resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.33CAD and an NSR cut-off of C$15.00 per tonne.

(3) Kemess East resources are estimated using a gold price of $1,275 per ounce, copper price of $3.20 per pound, an exchange rate of 1USD:1.32CAD and an NSR cut-off of C$17.30 per tonne.January 2019

23

Kemess Underground (Feasibility – 2016)(1)

• Reserves of 1.9Moz Au and 0.6Blbs Cu• LOM of 12 years at 106koz Au/p.a. and 47Mlbs/p.a. at

AISC(2) of $244/oz on a by-product basis • Environmental approvals and IBA received• Received Mines Act Permit• Received Effluent Discharge Permit

Kemess East (PEA – May 2017)(1)

• M&I resources of 1.7Moz and 1.0Blbs Cu• LOM of 12 years at 80koz Au/p.a. and 57Mlbs/p.a. at

AISC(2) of (US$69/oz) on a by-product basis

Kemess South (Past Producer: 1998 – 2011)• ~C$1 billion of infrastructure in-place (including a 25,000

tpd mill, grid power, road, maintenance shop, etc.)• Past production of 3.0Moz Au and 750Mlbs Cu

− Brownfields opportunity significantly reduces risk

Kemess: Overview

(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 Technical Report for the Kemess Underground and Kemess East Project, British Columbia, Canada, available in the AuRico Metals filings on SEDAR. A preliminary economic assessment (PEA) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

(2) AISC is a Non-GAAP measure.January 2019

Centerra: 2019 Guidance

24

2019 Production Guidance Units Kumtor Mount Milligan(1) CenterraGoldTotal Gold Payable Production(2) (Koz) 535 – 565 155 – 175 690 – 740CopperTotal Copper Payable Production(3) (Mlb) – 65 – 75 65 – 75

2019 All-in Sustaining Unit Costs (5) Kumtor Mount Milligan(1) Centerra(1)

Ounces sold forecast 535,000 – 565,000 155,000 – 175,000 690,000-740,000All-in sustaining costs on a by-product basis(2), (5) $666 – $703 $727 – $821 $723 – $775

Revenue-based tax(4) and taxes(4) 171 – 180 21 – 24 135 – 145All-in sustaining costs on a by-product basis including taxes (1), (4), (5) $837 – $883 $748 – $845 $858 – $920

Gold - All-in sustaining costs on a co-product basis ($/ounce) (1),(5) $666 – $703 $803 – $906 $741 – $795Copper - All-in sustaining costs on a co-product basis ($/pound) (1),(5) – $1.93 – $2.23 $1.93 – $2.23

Capital Expenditures 2019 Sustaining Capital(5)

($ millions)2019 Growth Capital(5)

($ millions)Kumtor Mine 45 14Mount Milligan Mine 37 -Öksüt Project - 123Kemess Underground Project - 26Greenstone Gold Property - 21Other (Thompson Creek mine, Endako mine (75%),Langeloth facility and Corporate) 9 -

Consolidated Total $91 $1841) Mount Milligan payable production and ounces sold are on a 100% basis (the Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively and Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered). The copper sales are based on a copper price assumption in 2019 of $2.80 per pound sold for Centerra’s 81.25% share of copper production and the remaining 18.75% of copper revenue at $0.42 per pound (15% of spot price, assuming spot at $2.80 per pound), representing the Mount Milligan Streaming Arrangement. Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters. 2) Gold production in 2019 assumes 81.6% recovery at Kumtor and 60% recovery at Mount Milligan.3) Copper production in 2019 assumes 81.8% recovery for copper at Mount Milligan. 4) Includes revenue-based tax at Kumtor and the British Columbia mineral tax at Mount Milligan based on a forecast gold price assumption of $1,200 per ounce sold. 5) Non-GAAP measures and are discussed under “Non-GAAP Measures” in the most recent MD&A and News Release dated January 15, 2019.

January 2019

1 Gold and copper price sensitivities include the impact of the hedging program set up in order to mitigate gold and copper price risks.2 Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar results in decreased costs and increased cash flow and earnings. 3 All-in sustaining costs per ounce sold (“AISC”) on a by-product basis is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release Jan. 15, 2019.

Centerra: 2019 Guidance Sensitivities

25

Material Assumptions and Risks1

Material assumptions or factors used to forecast production and costs for 2019 include the following:• a gold price of $1,200 per ounce,• a copper price of $2.80 per pound,• a molybdenum price of $12 per pound, • exchange rates:

• $1USD:$1.30 CAD,• $1USD:69.0 Kyrgyz som,• $1USD:5.00 Turkish lira,• $1USD:0.79 Euro,

• diesel fuel price assumption: • $0.54/litre at Kumtor,• $0.87/litre at Mount Milligan.

1 Other material assumptions and risks are discussed under “Material Assumptions and Risks” in the Company’s News Release dated January 15, 2019.

Change

Impact on($ millions)

Impact on ($ per ounce sold)

Costs Revenues Cash flows Net Earnings (after tax)

AISC(3) on by-product basis

Gold price(1) $50/oz 5.4 – 6.0 32.5 – 34.5 26.7 – 28.7 26.7 – 28.7 2 - 2Copper price(1) 10% 4.5 – 5.5 18.0 – 20.0 13.0 – 14.5 13.0 – 14.5 16 – 19Diesel fuel 10% 8.9 – 10.4 - 8.9 – 10.4 8.9 – 10.4 12 – 14Kyrgyz som(2) 1 som 1.2 – 1.7 - 1.2 – 1.7 1.2 – 1.7 2 – 2Turkish Lira(2) 1 lira 12.5 – 14.0 - 12.5 – 14.0 – –Canadian dollar(2) 10 cents 25.5 – 30.8 - 25.5 – 30.8 22.9 – 27.7 34 – 36

January 2019

Centerra: Mineral Reserves - Proven & Probable1

Copper Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs)

Mount Milligan 236,533 0.187 974 231,405 0.189 964 467,939 0.188 1,938

Kemess Underground

- - - 107,381 0.266 630 107,381 0.266 630

Total 236,533 0.187 974 338,786 0.213 1,594 575,320 0.202 2,568

26

1) As at December 31, 2017, includes Kemess Project following the completion of the AuRico Metals acquisition, see Mineral Reserves and Resources News Release February 8, 2018.

Gold Mineral Reserves

Proven Probable Total Proven and Probable

Property Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Tonnes(kt)

Grade(g/t)

ContainedGold (koz)

Mount Milligan 236,533 0.4 2,996 231,405 0.3 2,141 467,939 0.3 5,138

Kumtor 10,278 1.5 490 46,849 2.7 3,999 496,209 2.4 4,489

Öksüt - - - 28,163 1.3 1,187 28,163 1.3 1,187

Gatsuurt - - - 15,356 2.7 1,316 15,356 2.7 1,316

Hardrock Open Pit - - - 70,858 1.0 2,324 70,858 1.0 2,324

Kemess Underground - - - 107,381 0.5 1,868 107,381 0.5 1,868

Total 246,812 0.4 3,486 500,012 0.8 12,835 746,824 0.7 16,321

January 2019

Centerra: Investor Relations Highlights

27

Research Coverage

Brokerage Firms Rating Target

1. BMO Capital Markets Buy C$7.50

2. BofA Merrill Lynch Neutral C$6.50

3. Canaccord Genuity Buy C$9.50

4. CIBC World Markets Hold C$7.50

5. Cormark Securities Buy C$11.50

6. Global Mining Research Speculative Buy C$8.50

7. Halyk Finance Buy C$8.55

8. Macquarie Capital Markets Outperform C$8.00

9. National Bank Financial Hold C$7.00

10. Raymond James Market Perform C$9.00

11. RBC Capital Markets Under Perform C$7.00

12. Scotiabank Sector Outperform C$9.00

13. TD Securities Hold C$6.50

Average C$8.16

Top Ten (10) Institutional Shareholders

Institution/Firm Dec.-2018

1. Van Eck Associates 10.62%

2. Blackrock 9.37%

3. Dimensional Fund Advisors 3.70%

4. Ruffer LLP 2.40%

5. Kopernik Global 1.92%

6. Vanguard Group 1.79%

7. Franklin Advisors 1.52%

8. Schroder Investment 1.18%

9. Heartland Advisors 1.03%

10. Capital Research Global Investors 1.00%

TOTAL 34.53%

January 2019

Board of Directors Background

STEPHEN A. LANG Chairman Appointed Director of Centerra’s Board, June 2008

BRUCE V. WALTER Vice Chair Appointed Director of Centerra’s Board, May 2008

SCOTT G. PERRY Director Appointed Director of Centerra’s Board, January 2016

RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012

EDUARD KUBATOV Director Appointed Director of Centerra’s Board, March 2016

ASKAR OSKOMBAEV Director Appointed Director of Centerra’s Board, May 2018

MICHAEL S. PARRETT Director Appointed Director of Centerra’s Board, May 2014

JACQUES PERRON Director Appointed Director of Centerra’s Board, October 2016

SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008

BEKTUR SAGYNOV Director Appointed Director of Centerra’s Board, March 2016

SUSAN YURKOVICH Director Appointed Director of Centerra’s Board, May 2018

Centerra: Directors

28January 2019

TSX: CGwww.centerragold.com