Centerra Gold : Q1 2022 Financial Statements

Condensed Consolidated Interim Financial Statements

For the Three Months Ended March 31, 2022 and 2021

Condensed Consolidated Interim Statements of Financial Position (Unaudited)

March 31, December 31,2022

2021

(Expressed in thousands of United States dollars)

Assets

Current assets

Cash and cash equivalents Amounts receivable Inventories

Notes

Other current assets 18

Property, plant and equipment 6

Deferred income tax assets 13

Other non-current assets 7,18

Total assets

Liabilities and shareholders' equity Current liabilities

Accounts payable and accrued liabilities Income tax payable

Other current liabilities 18

Deferred income tax liabilities 13 Provision for reclamation

Other non-current liabilities 7,18

Shareholders' equity

Share capital 14 Contributed surplus

Accumulated other comprehensive income Retained earnings

Total liabilities and shareholders' equity Commitments and contingencies (note 16) Subsequent events (note 5 and 14)

$ 768,436 141,827 229,227 26,239	$ 947,230 76,841 221,220 25,802
1,165,729 1,442,985 88,814 35,434	1,271,093 1,272,091 101,300 32,084
1,567,233	1,405,475
$ 2,732,962	$ 2,676,568

$ 188,838 37,577 23,445	$ 186,820 25,253 15,281
249,860	227,354

33,376 277,405 51,047	54,861 331,312 19,425
361,828	405,598

986,393 30,796 5,074 1,099,011	984,095 30,809 6,829 1,021,883
2,121,274	2,043,616
$ 2,732,962	$ 2,676,568

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Earnings and Comprehensive Income

(Unaudited)

Three months ended March 31, 2022 2021

(Expressed in thousands of United States dollars) (except per share amounts)

Notes

Revenue

Cost of sales

Production costs

Depreciation, depletion and amortization

Earnings from mine operations

Exploration and development costs Corporate administration

Care and maintenance expense Reclamation recovery

Other operating expenses Earnings from operations

Gain on sale of Greenstone Partnership Other non-operating expenses

Finance costs

Earnings before income tax Income tax expense

Net earnings from continuing operations Net earnings from discontinued operations Net earnings

Other Comprehensive Loss

Items that may be subsequently reclassified to earnings: Net gain on translation of foreign operation

Net loss on derivative instruments

Other comprehensive loss Total comprehensive income

Earnings per share - continuing operations:

Basic

Diluted

Earnings per share: Basic

Diluted

Cash dividends declared per common share (C$)

• 8 $ 295,223 $ 226,233

144,225 121,369 37,489 34,392 113,509 70,472

8,160 3,462

9 10 11

12,278 4,947

6,759 6,432

(41,964) (10,867)

3,494 3,626

124,782 62,872

20 12

-(72,274)

5,323 2,384

892 1,725

118,567 131,037

13 5

29,167 19,600

89,400 111,437

- 55,990

$ 89,400 $ 167,427

$

-$

18

(1,755) (1,678)

(1,755) (1,647)

$ 87,645 $ 165,780

14 14 14 14

$ $ $ $ $

0.30 $ 0.38

0.30 $ 0.37

0.30 $ 0.57

0.30 $ 0.55

0.07$ 0.05

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

31

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

Three months ended March 31, 2022 2021

(Expressed in thousands of United States dollars)

Operating activities

Notes

Net earnings from continuing operations	$
Adjustments:
Depreciation, depletion and amortization
Reclamation recovery	10
Share-based compensation
Finance costs
Income tax expense	13
Income taxes paid
Gain on sale of Greenstone Partnership	20
Other
Changes in working capital
Cash provided by operating activities from continuing operations
Cash provided by operating activities from discontinued operations
Cash provided by operating activities
Investing activities
Property, plant and equipment additions
Acquisition of Goldfield Project	4
Proceeds from sale of Greenstone Partnership	20
Proceeds from disposition of property, plant and equipment
Decrease in other assets

89,400 $	111,437
38,793	35,872
(41,964)	(10,867)
2,281	(3,116)
891	1,765
29,167	19,600
(24,423)	(1,025)
-	(72,274)
(1,032)	2,330
93,113	83,722
(64,829)	2,718
28,284	86,440
-	66,708
28,284	153,148
(19,158)	(18,393)
(176,737)	-
-	210,291
1,905	-
-	2,224
Cash (used in) provided by investing activities from continuing operations	(193,990)	194,122
Cash used in investing activities from discontinued operations	-	(68,650)
Cash (used in) provided by investing activities	(193,990)	125,472
Financing activities
(12,272)	-
(623)	(691)
(1,713)	(2,383)
1,520	2,507
(13,088)	(567)
(178,794)	278,053
947,230	545,180
768,436 $	823,233

Dividends paid

Payment of borrowing costs Repayment of lease obligations Proceeds from common shares issued

Cash used in financing activities (Decrease) increase in cash during the period Cash at beginning of the period

Cash at end of the period

14

$

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Shareholders' Equity (Unaudited)

(Expressed in thousands of United States dollars, except share information)

Number of Share Common Capital Shares Amount

AccumulatedOther

Contributed ComprehensiveSurplusIncome (Loss)Retained EarningsTotalBalance at January 1, 2022

297,064,750 $ 984,095 $

30,809 $

6,829 $1,021,883 $ 2,043,616

Net earnings

Other comprehensive loss Transactions with shareholders:

Share-based compensation expense Issued on exercise of stock options

Issued under the employee share purchase plan

Issued on redemption of restricted share units

Dividends declared and paid (C$0.07 per share)

- - - 260,287 31,997 30,693

-

Balance at March 31, 2022

- - - 1,806 253 239 -

679 - - 679

(506) - - 1,300

- - - 253

(186) - - 53

297,387,727 $ 986,393 $

- -

- (1,755)

89,400 -

-

- (12,272)

89,400 (1,755)

(12,272)

30,796 $

5,074 $1,099,011 $ 2,121,274

Balance at January 1, 2021

295,827,906 $ 975,122 $

30,601 $

11,600 $1,448,695

$ 2,466,018

Net earnings

Other comprehensive loss Transactions with owners:

Share-based compensation expense Issued on exercise of stock options

Issued under the employee share purchase plan

Issued on redemption of restricted share units

Dividends declared (C$0.05 per share)

- - - 469,508 28,257 185,879

-

Balance at March 31, 2021

296,511,550 $ 980,193 $

- - - 3,422

- -

-

167,427 167,427

(1,647) - (1,647)

1,158 - - 1,158

(910) - - 2,512

326 1,323

- - - 326

(1,319) - - 4

-

-

29,530 $

- (11,767)

9,953 $1,604,355 $ 2,624,031

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

(11,767)