47
TSX: CG www.centerragold.com Investor Presentation February 2021 BUILT FOR SUCCESS Kumtor Mount Milligan Öksüt
TSX: CGwww.centerragold.com
Investor PresentationFebruary 2021
BUILT FOR SUCCESS
Kumtor
Mount Milligan
Öksüt
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. Such forward-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 looking information. Thewords “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking information. These forward-looking statementsrelate to, among other things; the Company’s expectations regarding future gold and copper production, gold production costs per ounce, all-in sustaining costs on a by-product basisNG; consolidated cash provided by operations,consolidated free cash flowNG, and other statements made under the headings “2021 - 2023 Outlook” and “2021 Guidance” including expectations regarding accessing the higher grade ore at Öksüt’s Güneytepe pit in early 2022 and itsimpact on gold production at Öksüt; timing for the completion of Phase 2 of the heap leach pad at the Öksüt Mine; expected throughput at Mount Milligan; 2021 capital expenditures; 2021 exploration expenditures; 2021 corporateadministration expenses; 2021 depreciation, depletion and amortization expenses; 2021 tax expenses; and expectations for the extended mine life at the Kumtor Mine.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant technical, 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 and assumptions that could cause actual results or events todiffer materially from 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, Turkey and Canada; thefailure of the Kyrgyz Republic Government 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, to allowfor the continued operation of the Kumtor Mine by KGC and KOC and not take any expropriation action against the Kumtor Mine; actions by the Kyrgyz Republic Government or any state agency or the General Prosecutor's Office thatserve to restrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressiveenforcement of, laws, regulations and government practices, including unjustified civil or criminal actions against the Company, its affiliates or its current or former employees; risks that community activism may result in increasedcontributory demands or business interruptions; the impact of any actions taken by the Kyrgyz Government and Parliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under theKumtor Project Agreements; the risks related to other outstanding litigation affecting the Company; the impact of constitutional changes in Turkey; the impact of the delay by relevant government agencies to provide required approvals,expertises and permits; potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian andTurkish individuals and entities; 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; thepresence of a significant shareholder 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 not being able to replace mineralreserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financialmatters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-priced sales contracts for production at Mount Milligan, reliance on a few key customers for thegold-copper concentrate at Mount Milligan and at Kumtor there is reliance on Kyrgyzaltyn, as Centerra sells all of its gold doré produced from the Kumtor Mine to Kyrgyzaltyn pursuant to the Restated Gold and Silver Sale Agreement; useof commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants inthe Company’s credit facilities which may, among other things, restrict the Company from pursuing certain business activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact ofglobal financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on theCompany’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the stability ofthe pit walls at our operations, the movement of the Davidov Glacier, waste and ice movement and continued performance of the buttress at the Kumtor Mine; the occurrence of further ground movements at the Kumtor Mine andmechanical availability; the risk of having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; changes to, or delays in, transportation routes, including cessation or disruption in rail andshipping networks whether caused by decisions of third party providers or force majeure events (including COVID-19); the success of the Company’s future exploration and development activities, including the financial and political risksinherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; theCompany’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 collective agreements when required; the risk that Centerra’s workforce andoperations may be exposed to widespread epidemic including but not limited to the COVID-19 pandemic; 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 ability of the Company to address physical and transition risks from climatechange and sufficiently manage stakeholder expectations on climate related issues; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel;competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage its projects effectively 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 Annual Information 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 ultimately resultin 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 factors which maychange 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 mineral resourceestimate will ultimately be reclassified as proven and probable reserves.
Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and indicated resources are sufficiently well defined to allow geologicaland grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the resource. Inferred resources are estimated on limited information not sufficient toverify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized asmineral reserves. There is no certainty that mineral resources of any category can be upgraded to mineral reserves through continued exploration.
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 be consideredcarefully 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 February 24, 2021. Centerra assumes no obligationto 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 as otherwise notedherein, Slobodan (Bob) Jankovic, Professional Geoscientist, member of the Association of Professional Geoscientists of Ontario (APGO) and Centerra’s Senior Director, Technical Services, has approved the scientific and technicalinformation (other than exploration related information) contained in this presentation and is a Qualified Person within the meaning of NI 43-101. For more information, please refer to the properties technical reports, which are availableon SEDAR. All figures are in United States dollars unless otherwise stated.February 2021
0
400
800
1,200
1,600
2,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20042005200620072008200920102011201220132014201520162017201820192020
Gold
Pric
e (U
S$/o
z)
US$
Milli
ons
Retained Earnings Cumulative Dividends Gold Price
1. All-in sustaining costs per ounce (AISC), All-in costs per ounce (AIC) and free cash flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release February 24, 2021. 2020 AISC includes: Kumtor $741/oz, Mount Milligan $541/oz , Öksüt $494/oz, 2020 AIC includes: Kumtor $1,042/oz, Mount Milligan $590/oz , Öksüt $819/oz, see MD&A and News Release February 24, 2021.
2. Contingent payments assume $1,500 gold price and GGM’s Hardrock Project meeting certain construction and/or production milestones see News Releases December 15, 2020 and January 19, 2021.3. Refer to mineral reserves and resources News Release dated February 24, 2021.
Corporate HighlightsExceeded 2020 gold production guidance with gold production of 824koz, 2020 copper production of 82.8Mlbs, at AISC1 of $729 per ounce (AIC1 of $1,059 per ounce)
Sold our 50% interest in Greenstone Gold Mines Partnership for $210MM plus contingent payments2 of up to $75MM
2020 consolidated operating cash flow of $930MM (Kumtor $661MM, Mount Milligan $185MM, Öksüt $146MM)
2020 consolidated Free Cash Flow1 of $604MM (Kumtor $438MM, Mount Milligan $150MM, Öksüt $105MM)
Debt free Balance Sheet (cash of $545MM) Dec.31, 2020
Kumtor 5 Year Extension to Mine Life, Mineral Reserves 6.01 M contained ounces of gold (70.3 Mt @2.66 g/t gold)3
3
Centerra: Built For Success
February 2021
Retained Earnings Profile (US$)
Kumtor FCF1 (US$MM’s) Mount Milligan FCF1 (US$MM’s) Öksüt FCF1 (US$MM’s) Company-Wide FCF1 (US$MM’s)
96
157 157
28
0
30
60
90
120
150
180
Q1-2020 Q2-2020 Q3-2020 Q4-2020
22 34
63
31
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020(20)
5
74
46
(30)
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020
77
169
281
77
0306090
120150180210240270300
Q1-2020 Q2-2020 Q3-2020 Q4-2020
Continued focus on safety leadership training/awareness.
Maintained and strengthened our “Social Licenceto Operate” at all operations with no interruptions for ~90 months.
No reportable environmental incidents in Q4 2020.
Became a Silver Partner sponsor of International Women in Mining (IWiM), a leading global women’s organization pursuing gender equality and promoting women’s voices, access to opportunities and leadership in mining.
Finalized our 2019 ESG Report aligned with the Sustainability Accounting Standards Board (SASB).
Completed Year 1 RGMP Requirements and a Year 3 on-site assurance at our Öksüt Mine.
4
Centerra: 2020 ESG Update
February 2021
Centerra: Committed to Responsible Gold Mining
• Centerra is implementing the World GoldCouncil’s Responsible Gold Mining Principles (RGMP) across our operating sites.
• RGMPs were designed to provide confidence toour investors and supply chain participants thatour gold has been produced responsibly.
• In 2020:• completed Year 1 RGMP requirements at
our three operating sites.
• Completed a Year 3 assurance at ourÖksüt Mine in Turkey which identified onlytwo RGMP non-conformances. In 2021,we will develop remediation plans toaddress these non-conformances.
February 2021 5
1. All-in sustaining costs and all-in cost per ounce sold on a by-product basis and free cash flow are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release February 24, 2021.6
Centerra: Corporate Highlights
February 2021
Operational Highlights
Safety – Öksüt achieved 4 million work hours without a lost time injury, all sites maintaining proactive COVID-19 measures
Exceeded 2020 Gold Production Guidance, 824,059 oz of Gold Produced, includes 556,136 oz at Kumtor, 161,855 oz at Mount Milligan and 106,068 oz at Öksüt; Met Copper Production Guidance, 82.8 million pounds of Copper
2020 Gold Production Costs of $419 Per Ounce Sold (Kumtor $342/oz, Mount Milligan $744/oz, Öksüt $356/oz)
2020 All-In Sustaining Costs1 on a by-product basis of $729 Per Ounce Sold, Lower than Guidance; (Kumtor $741/oz, Mount Milligan $541/oz, Öksüt $494/oz)
2020 All-In Costs1 on a by-product basis of $1,059 Per Ounce Sold; (Kumtor $1,042/oz, Mount Milligan $590/oz, Öksüt $819/oz)
Kumtor Technical Report Update, 5 Year Extension to Mine Life Extending Operations to 2031, 11 Year Mine Life
2021 Production Guidance of 780,000 Ounces of Gold (midpoint) and 75 Million Pounds of Copper (midpoint)
2021 Cash Provided by Operations Guidance of $750 to $800 Million (assuming $1,750 gold price)2021 Free Cash Flow1 Guidance of $350 to $400 Million (assuming $1,750 gold price)
7
Centerra has a strong track record of beating gold production guidance
Operating Statistics vs. Guidance (mid-point) (koz Au)
(1) 2016 statistics and guidance excludes Mount Milligan (transaction closed in October 2016).
1
Centerra: Operational Results vs Guidance 2013-2020
February 2021
1. Adjusted Net Earnings and Free Cash Flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release February 24, 2021.2. Contingent payments assume $1,500 gold price and GGM’s Hardrock Project meeting certain construction and/or production milestones see News Releases December 15, 2020 and January 19, 2021.
8
Centerra: Corporate Highlights
February 2021
Kumtor FCF1 (US$MM’s) Mount Milligan FCF1 (US$MM’s) Öksüt FCF1 (US$MM’s) Company-Wide FCF1 (US$MM’s)
96
157 157
28
0
30
60
90
120
150
180
Q1-2020 Q2-2020 Q3-2020 Q4-2020
22 34
63
31
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020(20)
5
74
46
(30)
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020
77
169
281
77
0306090
120150180210240270300
Q1-2020 Q2-2020 Q3-2020 Q4-2020
Financial Highlights
2020 Net Earnings of $408.5MM or $1.39 per Share (basic) or Adjusted Net Earnings1 of $461.9MM or $1.57 per Share (basic)
2020 Cash Provided by Operations of $930MM ($3.14 per share), (Kumtor $661MM, Mount Milligan $185MM, Öksüt $146MM)
2020 Free Cash Flow1 $604MM ($438MM from Kumtor, $150MM from Mount Milligan, $105MM from Öksüt)
Debt-free Balance Sheet and Cash Balance of $545MM as at December 31, 2020
Quarterly Dividend of C$0.05 per common share
Sold our 50% interest in Greenstone Gold Mines Partnership for $210MM (including adjustments) plus contingent payments of up to $75MM2
824 780
970 980
1,0591,203
905 950
2020a 2021e 2022e 2023eGold Production AIC
91 95 92121
268
359
182
1,2371,374 1,403 1,487
1,6201,806 1,760
02004006008001,0001,2001,4001,6001,8002,000
050
100150200250300350400450
Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020
Cash Provided By Operations (US$ millions) Realized Gold Price (US$/oz)
505
298
193
78136
0 0 0
409 417
152
43
194 212
484
545
Dec31 2016 Dec31 2017 Dec31 2018 Dec31 2019 Mar31 2020 Jun30 2020 Sep30 2020 Dec30 2020
Total Debt Cash
3110 0
77
169
281
77
1,2371,374 1,403 1,487
1,6201,806 1,760
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
-
-50
-100
-150
-200
-250
-300
-350
Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020Free Cash Flow (US$ millions) Realized Gold Price (US$/oz)
Centerra: Superior Cash Flow
February 2021 9
Consolidated Free Cash Flow 3,4 (US$MM’s)
Gold Production 2 (koz) and AIC 2,3 ($/oz)
Cash Flow From Operations 3,4 (US$MM’s)
Debt Free Balance Sheet1 (US$MM’s)
1 Includes cash and cash equivalents, short-term investments and excludes leases and restricted cash of $27.5MM at December 31, 2018, $28MM cash at December 31, 2019 and $3MM at December 31, 2020. 2 2021, 2022 and 2023 gold production and all-in costs on a by-product basis (AIC) are mid-point of guidance.3 Realized gold price, all-in costs on a by-product basis (AIC) and free cash flow are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release February 24, 2021.4 Q3 2019 adjusted to exclude Kyrgyz Strategic Agreement Settlement Expense.
Centerra: 2021-2023 Outlook
10
1) 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, from the Mount Milligan Mine. Under the Mount Milligan Streaming Arrangement, Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered. Assuming a market gold price of $1,750 per ounce and a market copper price of $3.36 per pound, Mount Milligan’s average realized gold and copper price would be $1,290 per ounce and $2.82 per pound, respectively.
2) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the most recent MD&A and News Release dated February 24, 2021.3) Figures are for consolidated Centerra.4) Includes only revenue-based tax at Kumtor.5) Non-sustaining capital expenditures are distinct projects designed to have a significant increase to the net present value of the mine.6) Presented capitalized stripping includes a cash and non-cash component.7) Copper price for 2021 and CAD/USD exchange rates for 2021 and 2022, giving effect to hedges in place as at December 31, 2020.
February 2021
Units 2020Actual
2021Guidance
2022Outlook
2023Outlook
Gold Payable Production (Koz)Kumtor 556 470 - 510 540 - 590 550 - 600Mount Milligan(1) 162 180 - 200 170 - 190 180 - 210Öksüt 106 90 - 110 210 - 240 200 - 220
Consolidated Gold Payable Production (Koz) 824 740 - 820 920 – 1,020 930 – 1,030
Copper Payable Production(1) (Mlb) 83 70-80 90-100 70-80Gold production costs(3) ($/oz) 419 475 - 525 390 – 440 385 – 435All-in sustaining costs on a by-product basis(2),(3) 729 850 - 900 630 - 680 700 - 750
All-in sustaining costs on a by-product basis including revenue-based taxes(2),(3),(4) 897 1,010 – 1,065 775 – 835 855 – 905
All-in costs on a by-product basis (2),(3) 1,059 1,175 – 1,230 875 – 935 925 – 975Capital Expenditures ($M)
Sustaining capital expenditures 98 130 – 150 130 – 145 100 – 115Non-sustaining capital expenditures(5) 70 70 – 85 35 - 50 10 – 25Capitalized stripping(6) 194 230 - 245 155 - 175 270 – 290
Total Capital Expenditures ($M) 362 430 – 480 320 – 370 380 – 430Outlook Assumptions(7)
Gold Price ($/oz) - 1,750 1,750 1,750Copper Price ($/lb) - 3.36 3.40 3.40
Canadian Dollar (CAD/USD) - 1.31 1.27 1.25
Centerra: 2021 Guidance
11
1) The Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively, from the Mount Milligan Mine. Under the Mount Milligan Streaming Arrangement, Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered. 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 2021 assumes 81.9% recovery at Kumtor, 63.9% recovery at Mount Milligan and 75% at Öksüt. Copper production in 2021 assumes 78.8% recovery for copper at Mount Milligan. 3) Includes only revenue-based tax at Kumtor. 4) Non-GAAP measures and are discussed under “Non-GAAP Measures” in the most recent MD&A and News Release dated February 24, 2021.5) Capitalized stripping includes cash component of $185 to $205 million (Kumtor) and $10 to $15 million (Öksüt).
February 2021
2021 All-in Sustaining Unit Costs(4) Units Kumtor Mount Milligan(1) Öksüt Centerra(1)
Ounces sold (Koz) 470-510 180-200 90-110 740-820Gold production costs ($/oz) $400-$450 $650-$700 $500-$550 $475-$525All-in sustaining costs on a by-product basis(1),(4) ($/oz) $950-$1,000 $530-$580 $730-$780 $850-$900Revenue-based tax and taxes(3) ($/oz) $250-$255 - - $160-$165All-in sustaining costs on a by-product basis, including revenue-based taxes(1),(3),(4) ($/oz) $1,200-$1,255 $530-$580 $730-$780 $1,010-$1,065
All-in costs on a by-product basis(1),(3),(4) ($/oz) $1,365-$1,420 $590-$640 $790-$840 $1,175-$1,230
Gold - All-in sustaining costs on a co-product basis(1),(4) ($/oz) $950-$1,000 $910-$1,025 $730-$780 $950-$1,055
Copper production costs ($/lb) - $1.30-$1.45 - $1.30-$1.45
Copper - All-in sustaining costs on a co-product basis (1),(4) ($/lb) - $1.75-$1.95 - $1.75-$1.95
Capital Expenditures Capitalized Sustaining Non-sustainingProjects ($ millions) Stripping Capital Capital(4) TotalKumtor Mine(5) 220-230 55-65 60-70 335-365Mount Milligan Mine - 65-70 5-10 70-80Öksüt Mine(5) 10-15 5-10 - 15-25Other - 5 5 10Consolidated Total $230-$245 $130-$150 $70-$85 $430-$480
2021 Production Guidance Units Kumtor Mount Milligan(1) Öksüt Centerra
GoldTotal Gold Payable Production(2) (Koz) 470-510 180-200 90-110 740-820CopperTotal Copper Payable Production(2) (Mlb) - 70-80 - 70-80
Source: Corporate disclosure and Capital IQ as of market close February 24, 2021Note: FCF calculated as net cash flow from operations (“OCF”) less capital expenditures (“Capex”)1 Includes FCF from Kumtor $438 MM, Mount Milligan $150 MM and Öksüt $105 MM, FCF is a non-GAAP measure discussed under “Non-GAAP Measures” in Centerra’s News Release and MD&A dated February 24, 2021.
12
Centerra: Industry Leading FCF Generation
February 2021
2020 FCF (US$ MM)
Net Debt / (Cash) Balance as of December 31, 2020 (US$ MM)
1
13
Centerra: Compelling Valuation
February 2021
P / 2021E CFPS (x) P / 2021E EPS (x)
6.4x
6.3x
5.9x
5.2x
4.9x
4.8x
4.7x
4.5x
4.3x
3.8x
3.4x
3.2x
2.4x
Kirkland Lake
B2Gold
Alamos
Eldorado
Centamin
OceanaGold
Yamana
SSR Mining
Kinross
Endeavour
IAMGOLD
Centerra
New Gold
13.5x
11.8x
11.2x
10.8x
9.6x
9.4x
8.9x
8.6x
8.6x
7.7x
7.6x
6.6x
4.9x
Eldorado
Alamos
Centamin
Yamana
Kirkland Lake
B2Gold
OceanaGold
Kinross
IAMGOLD
SSR Mining
Endeavour
New Gold
Centerra
Source: Capital IQNote: As at February 18, 2021
P / NAVPS (x)
1.04x
0.99x
0.95x
0.81x
0.75x
0.75x
0.74x
0.72x
0.67x
0.64x
0.56x
0.55x
0.40x
Kirkland Lake
Centamin
B2Gold
Yamana
Kinross
Centerra
Endeavour
New Gold
SSR Mining
Alamos
Eldorado
OceanaGold
IAMGOLD
1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release February 24, 2021. (2) Refer to February 24, 2021 mineral reserves and resources news release.
Strategic Agreement – Completed August 26, 2019
2020 operating cash flow of $661MM
2020 free cash flow1 of $438MM
24 years of uninterrupted profitable production
87% increase in Proven and Probable Reserves2
Exploration potential, 2021 expected spending $21MM
Underground opportunity (inferred 3.1Moz @ 7.46 g/t)2
2018 2019 2020 2021E
Gold Production (koz) 535 600 556 470-510
Production Costs ($/oz) $394 $381 $342 $400-$450
All-In Sustaining Costs ($/oz) (1) $694 $598 $741 $950-$1,000
All-In Costs ($/oz) (1) $913 $838 $1,042 $1,365-$1,420
Sustaining Capital ($MM) $44 $39 $58 $55-65
Non-sustaining Capital ($MM) $17 $16 $17 $60-70
Reserves(2) (Moz) 6.0
Au Grade (g/t) 2.66
Resources M&I(2) (Moz) 2.3
Au Grade (g/t) 2.78
World Class Cornerstone Asset Kumtor Free Cash Flow1 (US$MM’s)
14February 2021
Kumtor: World Class Open Pit Gold Mine
96
157 157
77
0
30
60
90
120
150
180
Q1-2020 Q2-2020 Q3-2020 Q4-2020
Through taxes, duties and mandatory payments, Centerra Gold’s Kumtor
operation makes a direct and substantial contribution to the prosperity ofthe Kyrgyz Republic while helping
protect national economic interests. Wehelp support infrastructure, social
services and broadscale socio-economicdevelopment. We also contribute
indirectly via taxes paid by our partnersand suppliers.
PROJECTED TOTAL TAXES FROM
EXTENDED LIFE OF MINE: US$1,014M
As of the Kumtor Technical Report dated July 1, 2020:
Kumtor: Making a Positive Contribution
February 2021 15
Kumtor: Mineral Reserves & Resources1(Year-over-Year Change)
February 2021 16
87% Increase in Proven & Probable Reserves
Kumtor Open Pit2019 Resources
Tonnes(kt) Au (g/t) Ounces
(koz)
Measured – SB & Stockwork 21,308 4.10 2,807
Indicated – SB & Stockwork 39,094 2.47 3,102
Subtotal M&I – SB & Stockwork 60,402 3.04 5,909
Measured – Sarytor & SW - - -
Indicated – Sarytor & SW 4,097 2.78 366
Subtotal M&I – Sarytor & SW 4,097 2.78 366
Total M&I 64,499 3.03 6,275
Inferred – SB & Stockwork 17,607 1.96 1,109
Inferred – Sarytor & SW 3,380 2.27 247
Total - Inferred 20,987 2.01 1,356
Kumtor U/G2020 Resource
Tonnes(kt) Au (g/t) Ounces
(koz)
Inferred – UG Resource 12,883 7.54 3,125
Kumtor Open Pit2019 Reserves
Tonnes(kt) Au (g/t) Ounces
(koz)
Proven & Probable – Reserves 43,295 2.31 3,214
Kumtor Open Pit2020 Resources
Tonnes(kt) Au (g/t) Ounces
(koz)
Measured – SB & Stockwork 9,038 3.52 1,022
Indicated – SB & Stockwork 13,627 2.36 1,035
Subtotal M&I – SB & Stockwork 22,665 2.82 2,057
Measured – Sarytor & SW 441 1.75 25
Indicated – Sarytor & SW 2,426 2.52 196
Subtotal M&I – Sarytor & SW 2,866 2.40 221
Total M&I 25,532 2.78 2,280
Inferred – SB & Stockwork 16,981 1.92 1,046
Inferred – Sarytor & SW 3,883 2.22 277
Total - Inferred 20,864 1.97 1,324
Kumtor U/G2020 Resource
Tonnes(kt) Au (g/t) Ounces
(koz)
Inferred – UG Resource 13,100 7.46 3,141
Kumtor Open Pit2020 Reserves
Tonnes(kt) Au (g/t) Ounces
(koz)
Proven & Probable – Reserves 70,306 2.66 6,013
1. As at December 31, 2020, see Mineral Reserves and Resources News Release February 24, 2021.
Description Units 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total
Gold Sales Ounce ('000) 560 490 590 590 595 595 570 350 360 350 200 377 5,627
Gold Price $ 1,515 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,364
Gold Sales Revenue $ Millions 848 662 797 797 803 803 770 473 486 473 270 509 7,689
Net Refinery fees $ Millions (0) (2) (2) (2) (2) (2) (2) (1) (1) (1) (1) (1) (18)
Net Gold Sales Revenue $ Millions 848 660 794 794 801 801 768 471 485 471 269 508 7,671
Operating costs $ Millions 133 182 255 154 138 191 243 183 364 144 141 156 2,284
Mandatory Contributions $ Millions 21 15 16 7 7 7 7 6 6 6 5 6 106
Working Capital $ Millions 12 (12) 1 1 1 1 1 (45) (19) (1) (1) 44 (14)
Capital Costs $ Millions 88 160 68 73 62 52 55 58 41 11 7 5 681
Capital Stripping $ Millions 150 216 142 239 257 202 144 201 - - - - 1,552
14% Revenue Based Taxes $ Millions 119 92 111 111 112 112 107 66 68 66 38 71 1,074
Reclamation Funding $ Millions 6 6 6 6 4 - - - - - - - 28
Net Cash Flow $ Millions 320 1 196 203 219 235 209 2 25 246 79 226 1,961
Cumulative Net Cash Flow $ Millions 320 321 516 719 938 1,174 1,383 1,385 1,410 1,656 1,735 1,961
All-in sustaining costs per oz $ 781 1,023 746 857 858 760 687 1,336 689 839 1,158 480 828
All-in costs per oz $ 1,037 1,414 934 1,060 1,060 948 876 1,525 878 1,028 1,346 669 1,044
Net Present Value $ Millions Discount
Rate $1,961 0% $1,552 5% $1,374 8%
Kumtor: Life-of-Mine Plan
Cash Flow Summary1
February 2021 17
1. Effective date July 1, 2020, see NI 43-101 Technical Report on the Kumtor Mine dated February 24, 2021 and filed on SEDAR.2. Net Cash Flow included 2020 estimated cash flow from January 1, 2020 to December 31, 2020 of $320 million for life of mine. Actual free cash flow realized in 2020 was $438 million at an average realized gold price of
$1,725 per ounce. Free cash flow is a non-GAAP measure discussed under “Non-GAAP Measures” in Centerra’s News Release and MD&A dated February 24, 2021.3. Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release February 24, 2021.
2
3
3
Kumtor: Exploration Potential
Expand known sulphide goldmineralization along the KumtorTrend.
Define oxide gold mineralizationresources - determine overallcontinuity parameters, grade,and morphology of oxide goldmineralization along the KumtorTrend, as well as intensity ofoxidation, refractory nature andsuitability for direct leaching.
Evaluate presence and geologicalsetting of dispersed goldmineralization and its economicimportance, including volume,grade, and morphology.
Assess potential of Kumtordistrict.
N
18February 2021Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.
Sulfide gold mineralization (outside ultimate SW open pit)
Dispersed gold mineralization
Oxide gold mineralization
2.95 g/t @ 158 m
6.50 g/t @ 18.3 m
10.33 g/t @ 28.6 m0.45 g/t @ 39.0 m
1.57 g/t @ 21.5 m
Koshuluu Zone
Deep Oxide Zone
Hope Zone
19February 2021
Kumtor: Southwest Deposit – Oxide Mineralization
Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.
Cross Section -138 Looking NE
20
Process plant metallurgical studies and further recovery improvement
Unconstrained pit optimisation with new process plant location
Sulphide and oxide mineralisation exploration
Waste rock storage alternatives
Truck haulage alternatives / Conveyor belt
Tailing's re-processing
Underground mining
February 2021
Kumtor: Opportunities – The Golden Sunrise
21
2018 2019 2020 2021E
Gold Production (koz) 195 183 162 180-200
Copper Production (Mlbs) 47 71 83 70-80
Production Costs ($/oz) $672 $746 $744 $650-$700
All-In Sustaining Costs ($/oz)(1) $764 $828 $541 $530-$580
All-In Costs ($/oz)(1) $782 $849 $590 $590-$640
Sustaining Capital ($MM) $43 $36 $38 $65-70
Non-sustaining Capital ($MM) - - - $5-10Gold Copper
Royal Gold Stream 35% @ US$435/oz
18.75% @ 15% of spot Cu price
Stable, mining-friendly jurisdiction
2020 operating cash flow of $185MM
2020 free cash flow1 of $150MM
Exploration potential, 2021 expected spending $6MM
Tax loss pools, no cash income taxes for the foreseeable future
Mount Milligan: Low-Cost Gold Copper Mine
Mount Milligan Free Cash Flow1 (US$MM’s)Meaningful Open Pit Gold and Copper Production
(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release February 24, 2021. February 2021
22
34
63
31
0
30
60
Q1-2020 Q2-2020 Q3-2020 Q4-2020
Mount Milligan: Available Water – Dec. 31, 2020
22February 2021
23
First gold pour January 31, 2020;Commercial production achieved May 31, 2020
2020 operating cash flow of $146MM
2020 free cash flow1 of $105MM
EIA approval received in November 2015; EIA amendment received July 2020
Investment Incentive Certificate received in February 2018
Exploration potential, 2021 expected spending $4MM
High Margin Heap Leach Mine
Öksüt Gold Project
(1) Non-GAAP measure see “Non-GAAP Measures” in the Company’s MD&A and News Release of February 24, 2021. (2) Refer to February 24, 2021 news release and Technical Report on Öksüt Gold Project dated September 3, 2015.
Öksüt: High Margin Gold Production
Öksüt Free Cash Flow1 (US$MM’s)
February 2021
2020 2021E
Gold Production (koz) 106 90-110
Production Costs ($/oz) $356 $500-$550
All-In Sustaining Costs ($/oz) (1) $494 $730-$780
All-In Costs ($/oz) (1) $819 $790-$840
Sustaining Capital ($MM) $2 $5-10
Non-sustaining Capital ($MM) $30 $2-4
Reserves(2) (Moz) 1.1
Au Grade (g/t) 1.34
Resources M&I(2) (Moz) 0.23
Au Grade (g/t) 0.66
(20)
5
74
46
(30)
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020
24
Öksüt: Site Photos
Open Pit Mining Open Pit Mining
Heap Leach Pads Stacked Ore on Heap Leach Pad Irrigating Stacked Ore
February 2021
Admin Offices and Crushing Area
Kemess: C$1Billion of InfrastructureFly-in, Fly-out Work Camp Permitted Open Pit Tailings Storage Facility
Metallurgical Facility Kemess Proximity to Mount Milligan
25
Mount Milligan
Kemess Project Tsay Keh
Kwadacha (Fort Ware)
Dawson Creek
Prince GeorgePrinceRupert
Terrace SmithersFort St. James
TaklaLanding Mackenzie
Kemess Project
Omineca Resource Access RoadForest Service Road
0 200
Kilometres
100
Endako
February 2021
26
Kemess Underground – 2016 Feasibility Highlights(1)
Mine Type Underground Block Cave
Avg. LOM Gold Production (koz) 106
Avg. LOM By-Product AISC (US$/oz)(2) $244
Development Capex (C$MM)(3) C$604
P&P Au Reserves (Moz)(4) 1.9
P&P Au Reserve Grade (g/t) 0.54
P&P Cu Reserves (Mlbs)(4) 630
P&P Cu Reserve Grade (%) 0.27%
After-tax NPV5% (C$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) ($69)
Development Capex (C$MM) C$327
M&I Au Resource (Moz)(5) 2.3
M&I Au Grade (g/t) 0.40
M&I Cu Resource (Mlbs)(5) 1,410
M&I Cu Grade (%) 0.36%
After-tax NPV5% (C$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, see MD&A and News Release February 24, 2021.(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.(4) Kemess Underground reserves are estimated using a gold price of $1,250 per ounce, copper price of $3.00 per pound, an exchange rate of 1USD:1.25CAD and an NSR cut-off of C$17.30 per tonne.(5) Kemess East resources are estimated using a gold price of $1,450 per ounce, copper price of $3.50 per pound, an exchange rate of 1USD:1.25CAD and an NSR cut-off of C$17.30 per tonne.February 2021
0
400
800
1,200
1,600
2,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20042005200620072008200920102011201220132014201520162017201820192020
Gold
Pric
e (U
S$/o
z)
US$
Milli
ons
Retained Earnings Cumulative Dividends Gold Price
1. All-in sustaining costs per ounce sold (AISC), All-in costs per ounce sold (AIC) and free cash flow (FCF) are non-GAAP measures discussed under “Non-GAAP Measures” in the Company’s most recent MD&A and News Release February 24, 2021. 2020 AISC includes: Kumtor $741/oz, Mount Milligan $541/oz , Öksüt $494/oz, see MD&A and News Release February 24, 2021.
2. Contingent payments assume $1,500 gold price and GGM’s Hardrock Project meeting certain construction and/or production milestones see News Releases December 15, 2020 and January 19, 2021.3. Refer to mineral reserves and resources News Release dated February 24, 2021.
Corporate HighlightsExceeded 2020 gold production guidance with gold production of 824koz, 2020 copper production of 82.8Mlbs, at AISC1 of $729 per ounce (AIC1 of $1,059 per ounce)
Sold our 50% interest in Greenstone Gold Mines Partnership for $210MM plus contingent payments2 of up to $75MM
2020 consolidated operating cash flow of $930MM (Kumtor $661MM, Mount Milligan $185MM, Öksüt $146MM)
2020 consolidated Free Cash Flow1 of $604MM (Kumtor $438MM, Mount Milligan $150MM, Öksüt $105MM)
Debt free Balance Sheet (cash of $545MM) Dec.31, 2020
Kumtor 5 Year Extension to Mine Life, Mineral Reserves 6.01 M contained ounces of gold (70.3 Mt @2.66 g/t gold)3
27
Centerra: Built For Success
February 2021
Retained Earnings Profile (US$)
Kumtor FCF1 (US$MM’s) Mount Milligan FCF1 (US$MM’s) Öksüt FCF1 (US$MM’s) Company-Wide FCF1 (US$MM’s)
96
157 157
28
0
30
60
90
120
150
180
Q1-2020 Q2-2020 Q3-2020 Q4-2020
22 34
63
31
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020(20)
5
74
46
(30)
0
30
60
90
Q1-2020 Q2-2020 Q3-2020 Q4-2020
77
169
281
77
0306090
120150180210240270300
Q1-2020 Q2-2020 Q3-2020 Q4-2020
TSX: CGwww.centerragold.com
Appendix
BUILT FOR SUCCESS
Kumtor
Mount Milligan
Öksüt
Stewardship of the Kumtor Mine
Centerra Gold is the largest private sector employer in the Kyrgyz Republic.The majority of employees at our Kumtor operation are Kyrgyz citizens, most of whom come from local communities. Providing long-term, well-paid and highly skilled jobs has made Centerra Gold a welcome neighbour. Through wages, training and other contributions, we help our employees build financial security and bright futures for themselves and their families.
As of the Kumtor Technical Report dated July 1, 2020:
PROJECTED EMPLOYEE AND CONTRACTOR WAGES AND
BENEFITS DURING EXTENDED LIFE OF MINE: US$1,024M
Kumtor: Investing in Employees at Kumtor
30February 2021
Taking a strategic approach to community development helps to ensure that our beneficial impact
extends past, and endures beyond, our operations. Our focus in the Issyk-Kul region is helping foster
favourable conditions for entrepreneurship, supporting the
growth and resilience of local SMEs, thereby leading to industry
diversification andmacro-economic stability.
PROJECTED COMMUNITY
INVESTMENTS AND DONATIONS DURING
EXTENDED LIFE OF MINE: US$17M
As of the Kumtor Technical Report dated July 1, 2020:
Kumtor: Supporting Strategic Community Development
31February 2021
Purchasing goods and services locally extends the economic
benefits of our activities beyond the mine and helps to increaseprosperity at a local, regional
and national level. We are committed, whenever possible,
to using local suppliers and contractors to meet the needs
of our operations.
PROJECTED LOCAL PROCUREMENT
PAYMENTS DURING EXTENDED LIFE OF MINE: US$683M
As of the Kumtor Technical Report dated July 1, 2020:
Kumtor: Buying Locally Builds Prosperity
32February 2021
Our commitment to the environment, and the impact of that commitment,
goes far past our operations and benefits the larger Issyk-Kul region. Kumtor is
compliant with all environmental regulatory requirements in the Kyrgyz
Republic and international standards. In addition to our protection efforts around the mine site, we contributed to a nature
reserve and helped establish potable water facilities, water infrastructure and
irrigation programs for various communities.
PROJECTED ENVIRONMENTAL
MANAGEMENT COSTS FOR EXTENDED LIFE OF MINE: US$55.6M
As of the Kumtor Technical Report dated July 1, 2020:
Kumtor: Committed to Environmental Stewardship
33February 2021
Centerra: Leading Capital Efficiency and Profitability
34
Source: Bloomberg as per latest financials
22%
13%
10%
10%
6%
5%
5%
4%
4%
2%
2%
1%
1%
Kirkland Lake
Centamin
B2Gold
Centerra
Kinross
OceanaGold
Endeavour
SSR Mining
Yamana
Alamos
New Gold
IAMGOLD
Eldorado
L3Y Return on Invested Capital (%) L3Y Return on Capital (%) L3Y Return on Equity (%)
26%
12%
11%
10%
6%
5%
5%
4%
3%
3%
2%
1%
0%
Kirkland Lake
B2Gold
Centamin
Centerra
Kinross
SSR Mining
Endeavour
Yamana
OceanaGold
Alamos
New Gold
IAMGOLD
Eldorado
24%
11%
10%
7%
7%
6%
5%
2%
1%
1%
1%
0%
(0%)
Kirkland Lake
Centerra
B2Gold
Centamin
OceanaGold
SSR Mining
Kinross
Yamana
Alamos
Eldorado
IAMGOLD
Endeavour
New Gold
February 2021
Centerra: Potential Upside Optionality - Molybdenum
35
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 be sufficient to cover the $14 to $15 million in 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 from Thompson Creek Metals Company Inc. public filings.February 2021
Hedged35%Unhedged
65%
Hedged37%
Unhedged63%
Hedged70%
Unhedged30%
Hedged91%
Unhedged9%
Hedged58%
Unhedged42%
Centerra: Hedging Programs
36
Canadian Dollar Hedging Program(1)Diesel Hedging Program(1)
(1) Hedging coverage ratios and exposures based on mine site forecasted exposures as of December 31, 2020.(2) The hedging coverage ratio is based on the copper exposure net of the Royal Gold streaming arrangement at the Mount Milligan Mine.February 2021
Strategic Copper Hedging(2)
2021
2022
Derivative 2021 2022 2021 2022 TotalUSD/CAD
FX Collars $1.33/$1.40 $1.32/$1.38 217.8 million 149.0 million 366.8 millionFX Forwards $1.38 $1.32 102.0 million 46.0 million 148.0 million
Brent Crude OilSwaps (bbl.) $42 $47 206,485 44,850 251,335Zero-Cost Collars (bbl.) $40/$46 $44/$51 79,712 96,966 176,678
Ultra-Low-Sulfur-DieselSwaps (bbl.) $55 $59 231,655 70,850 302,505Zero-Cost Collars (bbl.) $53/$59 $54/$64 59,404 125,066 184,470
Copper Strategic HedgesSwaps (lb.) $3.37 n/a 59.8 million n/a 59.8 million
Hedge Rate Notional
Centerra: Operations 2021 Outlook
• Kumtor• 2021 expected gold production to rise steadily throughout the year with the first quarter of
2021 contributing approximately 15% of annual gold production rising to approximately 35% in the fourth quarter of 2021 as we access the high-grade ore.
• Total tonnes mined are expected to increase to a rate of approximately 550,000 tonnes per day from the average mining rate of 280,000 tonnes per day in 2020.
• 2021 mill improvement projects include additional leach tanks and installation of a new tower mill to improve future recoveries.
• Mount Milligan• 2021 expected gold and copper production weighted to the second half of year, 55% of metal
production expected in second half of year.• Adequate volumes of stored water to run at full capacity. • 2021 continuous improvement projects include secondary crusher improvements and the
addition of staged flotation reactor to improve metal recoveries in future years.
• Öksüt• 2021 expected gold production back-end weighted, 65% of annual gold production expected
in the second half of the year.• 2021 mining the Keltepe Pit, while Guneytepe Pit is expected to be developed in 2022.• Expected 2021 average stacked ore grade of approximately 1.27 g/t gold.
February 2021 37
2021 Operations Key Focus
February 2021 38
Continue to Improve Safety Performance Company-wide
Adequate Volumes of Stored Water at Mount Milligan to Run at Full Capacity for the Year
Complete Construction of Phase 2 Heap Leach Pad at Öksüt
Expand Leach Circuit and Add a Tower Mill at Kumtor
Focus on Consistent Production at the Mount Milligan Mine
Install Staged Flotation Reactors at Mount Milligan
Value Creation with Brownfield Exploration Across All Operations
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 125,179 0.23 624 45,397 0.21 213 170,567 0.22 837
Kemess Underground
- - - 107,381 0.27 630 107,381 0.27 630
Total2 125,179 0.23 624 152,778 0.25 843 277,957 0.24 1,467
39
1) As at December 31, 2020, see Mineral Reserves and Resources News Release February 24, 2021.2) Numbers may not add up due to rounding.
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 125,179 0.40 1,613 45,397 0.37 535 170,576 0.39 2,148
Kumtor 10,693 1.42 487 59,613 2.88 5,526 70,306 2.66 6,013
Öksüt 110 0.19 1 26,203 1.35 1,135 26,313 1.34 1,136
Kemess Underground - - - 107,381 0.50 1,868 107,381 0.50 1,868
Total2 135,982 0.48 2,101 238,594 1.18 9,065 374,576 0.93 11,166
February 2021
Centerra: 2021 Guidance Sensitivities and Assumptions
40February 2021
Impact on($ millions)
Impact on ($ per ounce sold)
Production Costs & Taxes Capital Costs Revenues Cash flows Net Earnings (after
tax)AISC(2)(3) on by-
product basis
Gold price $50/oz 5.5 – 6.0 - 34.0 – 37.5 28.5 – 31.5 28.5 – 31.5 2.50 – 3.00
Copper price(4) 10% 0.1 – 0.5 - 3.0 – 5.5 3.0 – 5.0 3.0 – 5.0 6.00 – 7.00
Diesel fuel(3) 10% 5.5 – 7.0 11.5 – 14.0 - 17.0 – 21.0 5.5 – 7.0 23.00 – 25.50
Kyrgyz som(1) 1 som 1.0 – 2.0 - - 1.0 – 2.0 1.0 – 2.0 2.00 – 2.50
Canadian dollar(1)(3) 10 cents 9.5 – 11.0 1.5 – 2.0 - 11.0 – 13.0 9.5 - 11.0 14.50 – 16.00
Turkish lira(1) 1 lira 3.0 – 4.0 0.5 – 1.0 - 3.5 – 5.0 3.0 – 4.0 5.50 – 6.00
1 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. 2 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 Feb.24, 2021.3 Includes the effect of hedging programs. 4 2021 copper sales are hedged up to 85%. Material AssumptionsMaterial assumptions or factors used to forecast production and costs for 2021, after giving effect to the hedges in place as at December 31, 2020, include the following:• a market gold price of $1,750 per ounce, and an average realized gold price at Mount Milligan of $1,290 per ounce after the reflecting the
streaming arrangement with Royal Gold (35% of Mount Milligan’s payable gold at $435 per ounce),• a market copper price of $3.36 per pound, and an average realized copper price at Mount Milligan of $2.82 per pound after the reflecting the
streaming arrangement with Royal Gold (18.75% of Mount Milligan’s payable copper at 15% of the spot price per metric tonne),• a molybdenum price of $9.00 per pound, • exchange rates:
• $1USD:$1.31 Canadian dollar,• $1USD:80 Kyrgyz som,• $1USD:7.50 Turkish lira,
• diesel fuel price assumption: • $0.44/litre at Kumtor,• $0.69/litre (C$0.90/litre) at Mount Milligan.
Centerra: 2021 Exploration - Map of Projects
41February 2021
2016A 2017A 2018A 2019A 2020A 2021E
Exploration spending ($MM) $11 $13 $21 $28 $39 $50
Kumtor: Exploration 2018 – 2020
February 2021 42Boris Kotlyar, a Member with the American Institute of Professional Geologists, is Centerra’s qualified person for the purpose of National Instrument 43-101.
Hockey Stick Zone
- 2018 - 2019 drilling focused on the Hockey Stick Zone and confirmed gold mineralization outside the ultimate open pit
- 2020 drilling focused on: Extending Southwest and Sarytor Deposits
resources Evaluating oxide gold mineralization potential
along Kumtor Lower Thrust (Sarytor, Hope, Triangle, Muzdusuu and Northeast)
Testing potential targets in the Bordoo –Akbel, Lysyi Gap and Petrov areas
Central
Northeast
Southwest
Sarytor
Bordoo
Akbel
Petrov
Lysyi Gap
Muzdusuu
Hope
Triangle
Hockey Stick
Kumtor Concession Area
2021 Exploration Plan• Test mineralization below the 2020 ultimate
pit in the MBX and 66 zones• Expand shallow mineralization at the Great
Eastern Fault area• Expand HGLC resource in the South
Boundary Zone• Infill drill Southern Star Zone and expand to
the south• Test West Wall Breccia corridor
2021 - 20,500 m of drilling planned, expected spending of $6MM
February 2021 43C. Paul Jago, a Member of the Engineers and Geoscientists British Columbia, is Centerra’s qualified person for the purpose of National Instrument 43-101.
Mount Milligan: Exploration
Boztepe & Boztepe WestPorphyry Cu/Au Target
BüyüktepeOxide Au Target
Keltepe NW-Keltepe NOxide Au &
Supergene Cu Target
Keltepe & GüneytepeOxide Au Resource & Supergene Cu Target
YelibelenOxide Au Target
Keltepe Pit
Güneytepe Pit
Western Asia, Europe and West Africa
44
Öksüt: Exploration Targets
February 2021Mustafa Cihan, a Member of the Australian Institute of Professional Geoscientists (AIG), is Centerra’s qualified person for the purpose of National Instrument 43-101.
2021 Exploration Plan• Expand near-surface oxide gold
mineralization around Keltepe and Guneytepe.
• Infill and step-out drill Keltepe N & NW
• Test oxide gold potential at Yelibelen, Boztepe and Buyuktepe
• Test for sulphide-hosted gold at depth and around existing pits
• Drill beneath Keltepe pit to test for porphyry style copper-gold mineralization
• Delineate supergene Cu mineralization at depth
2021 – 25,000 m of drilling planned, expected spending of $3.5MM
Centerra: Investor Relations Highlights
45
Research Analyst Coverage
Brokerage Firms Analyst
1. Bank of America Michael Jalonen
2. Canaccord Genuity Dalton Baretto
3. CIBC World Markets Anita Soni
4. Cormark Securities Richard Gray
5. Credit Suisse Fahad Tariq
6. Global Mining Research Adam Baker
7. National Bank Financial Mike Parkin
8. Raymond James Brian MacArthur
9. Scotiabank Trevor Turnbull
10. TD Securities Steven Green
Top Ten (10) Institutional Shareholders
Institution/Firm Dec.31-2020
1. Blackrock 13.19%
2. Van Eck Associates 9.16%
3. Ruffer LLP 3.14%
4. Dimensional Fund Advisors 3.05%
5. Kopernik Global 2.20%
6. Connor Clark & Lunn 2.02%
7. Vanguard Group 1.96%
8. Franklin Advisors 1.46%
9. RBC Global Asset Management 1.26%
10. Baker Steel Capital Management 1.24%
TOTAL 38.68%
February 2021
Board of Directors Background
MICHAEL S. PARRETT Chairman Appointed Director of Centerra’s Board, May 2014
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
TENGIZ BOLTURUK Director Appointed Director of Centerra’s Board, December 2020
RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012
DUSHEN KASENOV Director Appointed Director of Centerra’s Board, May 2019
MAKSAT KOBONBAEV Director Appointed Director of Centerra’s Board, May 2019
JACQUES PERRON Director Appointed Director of Centerra’s Board, October 2016
SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008
PAUL N. WRIGHT Director Appointed Director of Centerra’s Board, May 2020
SUSAN L. YURKOVICH Director Appointed Director of Centerra’s Board, May 2018
Centerra: Directors
46February 2021
TSX: CGwww.centerragold.com
Investor PresentationFebruary 2021
BUILT FOR SUCCESS
Kumtor
Mount Milligan
Öksüt
