Centerra Gold : Records 2020 Net Earnings of $408.5 million or $1.39 per Common Share, Adjusted Net EarningsNG of $461.9 million or $1.57 per Common Share, Cash from Operations of $930.0 million and Free Cash FlowNG of $603.8 million

NEWS RELEASE

Centerra Gold Records 2020 Net Earnings of $408.5 million or $1.39 per Common Share,

Adjusted Net EarningsNG of $461.9 million or $1.57 per Common Share,

Cash from Operations of $930.0 million and Free Cash FlowNG of $603.8 million

All figures are in United States dollars and all production figures are on a 100% basis unless otherwise stated. This news release contains forward looking information regarding Centerra Gold's business and operations. See "Caution Regarding Forward-Looking Information". All references in this document denoted with NG, indicate a non-GAAP term which is discussed under "Non-GAAP Measures" and

reconciled to the most directly comparable GAAP measure.

Toronto, Canada, February 24, 2021: Centerra Gold Inc. ("Centerra" or the "Company") (TSX: CG) today reported its fourth quarter 2020 results. Key events and operating results of the fourth quarter and year ended December 31, 2020 included:

• • Net earnings and adjusted net earningsNG for the quarter of $95.2 million, $0.32 per common share (basic), and $104.5 million, $0.35 per common share (basic), respectively. Net earnings and adjusted net earningsNG for the year of $408.5 million, $1.39 per common share (basic) and $461.9 million, $1.57 per common share (basic), respectively.

• • Cash flow from operations and free cash flowNG for the quarter of $182.0 million and $76.8 million, respectively. Cash flow from operations and free cash flowNG for the year of $930.0 million and $603.8 million, respectively.

• • Cash position of $545.2 million at year-end.

• • Gold Production for the quarter of 172,446 ounces and gold production for the year of 824,059 ounces.

• • Copper production for the quarter of 20.4 million pounds and copper production for the year of 82.8 million pounds.

• • Gold production costs for the quarter and year were $474 per ounce and $419 per ounce, respectively.

• • Copper production costs for the quarter and year were $1.24 per pound and $1.18 per pound, respectively.

• • All-in sustaining costs on a by-product basisNG for the quarter and year were $974 per ounce and $729 per ounce, respectively.

• • All-in costs on a by-product basisNG for the quarter and year were $1,352 per ounce and $1,059 per ounce, respectively.

• • Kumtor mine mineral reserves increased by 107%(1) to 6.3 million contained ounces of gold(2) as at July 1, 2020. A new Kumtor technical report details a new 11-year mine life; consistent annual gold production averaging 590,000 ounces for five years commencing in 2022, and an average life of mine all-in sustaining costs on a by-product basisNG of $828 per ounce and all-in costs on a by-product basisNG of $1,044 per ounce.

• • Mount Milligan achieved record throughput for the quarter and year, averaging 59,762 and 54,827 tonnes per calendar day, respectively.

• • Greenstone property sale announced on December 15, 2020, subsequently closing on January 19, 2021 for final cash consideration received of $210 million and contingent consideration of approximately $75 million(3).

• • Quarterly Dividend declared of CAD$0.05 per common share.

  • (1) Reserve increase calculated by comparing the new 2021 Kumtor Technical Report effective as at July 1, 2020 compared to the December 31, 2019 reserve statement (less mine depletion from January 1, 2020 to June 30, 2020).

  • (2) 73.3 million tonnes at an average gold grade of 2.66 grams per tonne gold (g/t Au) using gold price of $1,350 per ounce.

  • (3) Assuming a gold price of $1,500 per ounce.

The Company also announced its full-year 2021 guidance and a three-year outlook. Highlights included:

2021 to 2023 Outlook Highlights

• • Strong organic gold growth production profile:

  • • 2021: 740,000 to 820,000 ounces.

  • • 2022: 920,000 to 1,020,000 ounces.

  • • 2023: 930,000 to 1,030,000 ounces.

• • Maintain robust copper production profile:

  • • 2021: 70 to 80 million pounds.

  • • 2022: 90 to 100 million pounds.

  • • 2023: 70 to 80 million pounds.

2021 Guidance Highlights

• • Gold production guidance of 740,000 to 820,000 ounces.

• • Copper production guidance of 70 to 80 million pounds.

• • Gold production costs guidance of $475 to $525 per ounce.

• • All-in sustaining costs on a by-product basisNG guidance of $850 to $900 per ounce is higher than 2020 primarily due to Kumtor processing lower grade material from its stockpiles on surface.

• • All-in costs on a by-product basisNG guidance of $1,175 to $1,230 per ounce.

• • Total capital spending guidance of $430 to $480 million including capitalized stripping is higher than 2020 due to increased spending at Kumtor and Mount Milligan.

• • Total capitalized stripping guidance of $230 to $245 million including $220 to $230 million at Kumtor primarily for mining cut-back 20 and $10 to $15 million at Öksüt.

• • Cash provided by operations guidance of $750 to $800 million (assuming US$1,750 gold price).

• • Free cash flowNG guidance of $350 to $400 million (assuming US$1,750 gold price).

• • Exploration budget of $50 million with approximately 70% focused on brownfield exploration at our three existing operations.

Commentary

Scott Perry, President and Chief Executive Officer of Centerra stated, "During the fourth quarter, our Öksüt operation continued to demonstrate very high safety performance, achieving the safety milestone of four million consecutive hours without a lost time injury. Additionally, we continue to stay vigilant at all of our operations with rigorous safety protocols to help prevent an outbreak and avoid the spread of the COVID-19 virus."

"In 2020, our three operating mines delivered solid performances, including Mount Milligan's achievement of its highest level of mill throughput and its highest level of concentrate production since the start of the operations in 2014. The Company favourably exceeded its consolidated gold production and cost guidance, delivering more than 824,000 ounces of gold at an all-in sustaining cost on a by-product basisNG of $729 per ounce sold, which was lower than the low-end of our all-in sustaining cost guidance. Kumtor had another strong year where gold production was at the top end of guidance delivering 556,136 ounces of gold at an all-in-sustaining cost on a by-product basisNG of $741 per ounce sold, which was lower than the low-end of its all-in-sustaining cost guidance. In 2020, Mount Milligan exceeded the upper end of its gold production guidance and achieved its copper production guidance, producing 161,855 ounces of gold and 82.8 million pounds of copper at an all-in-sustaining cost on a by-product basisNG of $541 per ounce sold, which was lower than the low-end of its all-in-sustaining cost guidance. Our Öksüt mine, which only came into commercial production May 31, 2020, favourably exceeded both its gold production and cost guidance, achieving 106,068 ounces of gold production at an all-in-sustaining cost on a by-product basisNG of $494 per ounce, which was lower than the low-end of its all-in-sustaining cost guidance."

"Financially, the Company generated $930.0 million of cash from operations for the year, Öksüt generated $146.1 million, Mount Milligan generated $185.3 million and Kumtor generated $660.6 million. In 2020, $603.8 million of free cash flowNG was generated Company-wide, including $437.9 million of free cash flowNG from Kumtor, $150.2 million from Mount Milligan and $105.2 million from Öksüt. During the year, the Company repaid its debt and ended the year with no debt and cash of $545.2 million. In January 2021, we completed the sale of our 50% interest in the Greenstone Gold Mines Partnership and received a cash payment of approximately $210 million (including adjustments) adding to our strong balance sheet."

"Based on the Company's financial position, recent strong operating results and cash flows, the Board approved a quarterly dividend to CAD$0.05 per share on February 23, 2021."

"Today, the updated Kumtor Mine Technical Report was filed showcasing an extended mine life for

Kumtor. The new Kumtor life-of-mine adds significantly to the open pit reserves and has extended Kumtor's mine life by 5 years. The new mine life is 11 years and milling operations are extended to 2031.

The new life of mine plan has consistent annual gold production averaging 590,000 ounces for 5 years commencing in 2022 at an average life of mine all-in sustaining costs on a by-product basisNG of $828 per ounce sold."

"For 2021, we are estimating consolidated gold production to be in the range of 740,000 to 820,000 ounces and 70 to 80 million pounds of copper production. Centerra's consolidated all-in sustaining cost on a by-

product basisNG for 2021 is expected to be in the range of $850 to $900 per ounce. We also announced our inaugural three-year outlook which reflects a growing gold production profile in 2022 and 2023. This brings Centerra close to expected annual gold production of approximately one million ounces with adeclining cost profile which is expected to generate significant diversified free cash flowNG from our operations."

COVID-19 Update

Centerra continues to prioritize the health, safety and well-being of its employees, contractors, communities, and other stakeholders during the current outbreak of COVID-19 and to take steps to minimize the effect of the pandemic on its business. The Company has established strict COVID-19 protocols at its mine sites to help prevent infection and reduce the potential transmission of COVID-19.

The company has also implemented travel restrictions and has temporarily closed various administration offices including its head office in Toronto. In addition, operating mine sites continue to assess the resiliency of their supply chains, increase mine site inventories of key materials and develop and implement contingency plans to allow for continued operations.

COVID-19 has not materially affected Centerra's operations as employee absences due to COVID-19 and other illnesses have so far been successfully managed. The Company notes that the effects of COVID-19 on its business continue to change rapidly. The measures enacted to date reflect the Company's best assessment at this time but will remain flexible and be revised as necessary or advisable and/or as recommended by the public health and governmental authorities.

To date, the Company has incurred incremental COVID-19 related costs of $3.0 million.