Centerra Gold Inc. announced its 2023 year-end estimates for mineral reserves and mineral resources. Proven and probable gold mineral reserves were 3.6 million ounces and proven and probable copper mineral reserves were 961 million pounds, as of December 31, 2023. Measured and indicated gold mineral resources were 6.9 million ounces as of December 31, 2023, driven by a significant increase at Mount Milligan.

The Company is encouraged by the large mineral endowment at Mount Milligan setting the stage for potential future mine life growth. Exploration Update; Exploration activities in the fourth quarter of 2023 included drilling, surface rock and soil sampling, geological mapping, and geophysical surveying, targeting gold and copper mineralization at the Company?s projects and properties in Canada, Türkiye, and the United States. 2023 Exploration Highlights; Significant mineral endowment at Mount Milligan sets the stage for potential future resource additions, including possibilities for near-surface additions and depth extensions.

Resource delineation for oxide and transition material continued at the Goldfield project, with emphasis on extending known mineralization from the Gemfield deposit. Positive initial results at the Oakley project early in 2023 warranted a follow up drilling campaign. Fourth quarter of 2023 drilling program included 7,967 metres of drilling.

Full year 2023 drilling totalled 94.7 kilometres, including greenfield projects. 2024 Exploration Outlook; Pursue further exploration activities to identify potential extensions and enhancements to existing resources at Mount Milligan. Commence drill test programs at all identified target areas in Canada, United States, and Türkiye.

Continue with advanced exploration activities at Goldfield and Oakley. Exploration expenditures in 2024 are expected to be $35 to $45 million, including $17 to $22 million of brownfield exploration, and $18 to $23 million of greenfield and generative exploration programs. Mount Milligan Brownfield Drilling and Exploration; The DWBX zone is the depth extension of the WBX porphyry-style gold-copper mineralization currently mined in the pit. Mineralization is associated with potassic alteration and early quartz veins within the DWBX stock and stock margins.

Results received to-date show the depth extension of the mineralization and potential to extend the pit to mine DWBX and DWBX Extension. Some selected significant results received during the year include: Hole #23-1475: 51.6m @ 0.73 g/t Au, 0.047% Cu from 335m; Hole #23-1484: 50.7m @ 1.60 g/t Au, 0.177% Cu from 173m; Hole #23-1484: 72.0m @ 0.65 g/t Au, 0.202% Cu from 447m; Hole #23-1487: 157.6m @ 0.23g/t Au, 0.035% Cu from 271m. The Goldmark zone is directly west of the current Mount Milligan pit design, situated above the high grade DWBX zone.

Drilling during the year aimed to test the western extent of the Goldmark mineralization that had been intersected in previous drilling programs. Shallow porphyry-style gold and copper mineralization is hosted at the margins of dykes and the Goldmark stock. High gold-low copper (?HGLC?) style mineralization occurs throughout the zone. The results show potential for shallow resource addition and the extension of mineralization west of the existing pit boundary.

Significant results include: Hole #23-1480: 55.5m @ 1.55 g/t Au, 0.026% Cu from 13m; Hole #23-1481: 90.2m @ 0.49 g/t Au, 0.054% Cu from 419m; Hole #23-1485:132.0m @ 0.25 g/t Au, 0.192% Cu from 366m. The North Slope zone is approximately 1.5 kilometres from the western margins of the existing pit boundary. Assays returned show localized shallow zones of low-grade gold and copper mineralization related to the North Slope stock, with higher-grade porphyry-style gold and copper mineralization at depth.

Significant results include: Hole #23-1491: 58.0m @ 0.17 g/t Au, 0.102% Cu from 443m; Hole #23-1493: 50.5m @ 0.19 g/t Au, 0.219% Cu from 489m; Hole #23-1503: 43.8m @ 0.21 g/t Au, 0.303% Cu from 439m. The Saddle zone and the Saddle West zone are south of Goldmark, along the western margins and within one kilometre of the current pit boundary. The program was designed for resource expansion, targeting extension of deep HGLC mineralization below the current pit.

Results returned show potential for deep resource addition adjacent to and below the current pit boundary. Significant results include: Hole # 23-1470: 61.0m @ 0.895 g/t Au, 0.005% Cu from 476m; Hole # 23-1467: 106.7m @ 0.259 g/t Au, 0.023% Cu from 344m; Hole #23-1471: 12.3m @ 1.45g/t Au; 0.022% Cu from 498m. The Boundary zone is within 500 metres of the western margins of the Southern Star pit boundary.

Assays returned show shallow and deep porphyry-style gold and copper mineralization associated with dykes in the Boundary zone and the extension of the Southern Star stock at depth. Mineralization is associated with potassic and propylitic alteration, often overprinted by quartz-sericite-pyrite alteration, with early quartz veins and chalcopyrite ± pyrite veins. Significant results include: Hole #23-1514: 25.0m @ 0.152 g/t Au, 0.181% Cu from 129m; Hole #23-1509: 73.7m @ 0.336 g/t Au, 0.066% Cu from 215.3m; Hole #23-1510: 42.4m @ 0.202 g/t Au, 0.322% Cu from 511.6m; Hole #23-1507: 35.6m @ 0.219 g/t Au, 0.216% Cu from 455m.