Reserve and Resource Summary

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Table 1 (see additional footnotes)
Centerra Gold Inc 2017 Year-End Mineral Reserve and
Mineral Resource Summary – Gold (1) (6) (including acquisition of AuRico Metals)
(as of December 31, 2017)

Proven and Probable Mineral Reserves
Property Category Tonnes Grade (g/t) Contained Gold (koz)
Mount Milligan (4) Proven 236,533 0.4 2,996
  Probable 231,405 0.3 2,141
  Proven+Probable 467,939 0.3 5,138
Kumtor Open Pit Proven 10,278 1.5 490
  Probable 46,849 2.7 3,999
  Proven+Probable 57,128 2.4 4,489
* Gatsuurt Proven - - -
  Probable 15,356 2.7 1,316
  Proven+Probable 15,356 2.7 1,316
Öksüt Proven - - -
  Probable 28,163 1.3 1,187
  Proven+Probable 28,163 1.3 1,187
Hardrock Open Pit Proven - - -
  Probable 70,858 1.0 2,324
  Proven+Probable 70,858 1.0 2,324
Kemess Underground (5) Proven - - -
  Probable 107,381 0.5 1,868
  Proven+Probable 107,381 0.5 1,868
Total Proven 246,812 0.4 3,486
  Probable 500,012 0.8 12,835
  Proven+Probable 746,824 0.7 16,321
Measured and Indicated Mineral Resources(2)
Property Category Tonnes Grade (g/t) Contained Gold (koz)
Mount Milligan (4) Measured 73,725 0.3 759
  Indicated 156,006 0.2 1,103
  Measured+Indicated 229,732 0.3 1,862
Kumtor - Open Pit Measured 16,568 3.0 1,616
  Indicated 12,062 2.6 1,007
  Measured+Indicated 28,631 2.8 2,623
* Boroo Measured 452 2.2 32
  Indicated 4,464 1.5 210
  Measured+Indicated 4,916 1.5 242
* Gatsuurt Measured - - -
  Indicated 10,988 1.9 678
  Measured+Indicated 10,988 1.9 678
* Ulaan Bulag Measured - - -
  Indicated 1,555 1.5 73
  Measured+Indicated 1,555 1.5 73
Öksüt Measured 2,837 0.5 44
  Indicated 8,027 0.5 132
  Measured+Indicated 10,864 0.5 176
Hardrock - Open Pit Measured - - -
  Indicated 5,722 0.4 66
  Measured+Indicated 5,722 0.4 66
Hardrock - Underground Measured - - -
  Indicated 6,846 3.9 860
  Measured+Indicated 6,846 3.9 860
Brookbank - Open Pit Measured - - -
  Indicated 1,319 2.0 86
  Measured+Indicated 1,319 2.0 86
Brookbank - Underground Measured - - -
  Indicated 926 7.2 215
  Measured+Indicated 926 7.2 215
Key Lake - Open Pit Measured - - -
  Indicated 1,286 1.2 49
  Measured+Indicated 1,286 1.2 49
Key Lake - Underground Measured - - -
  Indicated 16 6.5 3
  Measured+Indicated 16 6.5 3
Kailey Measured - - -
  Indicated 4,315 1.0 133
  Measured+Indicated 4,315 1.0 133
Kemess Underground (5) Measured - - -
  Indicated 139,019 0.3 1,460
  Measured+Indicated 139,019 0.3 1,460
Kemess East (5) Measured - - -
  Indicated 113,110 0.5 1,680
  Measured+Indicated 113,110 0.5 1,680
Total Measured 93,583 0.8 2,451
  Indicated 465,651 0.5 7,753
  Measured+Indicated 559,234 0.6 10,204
Inferred Mineral Resources(3)
Property Tonnes (kt) Grade (g/t) Contained Gold (koz)
Mount Milligan (4) 35,037 0.3 373
Kumtor - Open Pit 2,798 1.6 141
Kumtor - Underground 14,477 7.3 3,409
* Boroo 7,323 1.0 235
* Gatsuurt 3,812 2.1 263
* Ulaan Bulag 315 1.3 13
Öksüt 4,932 0.7 108
Hardrock - Open Pit 85 0.9 2
Hardrock - Underground 10,754 3.6 1,235
Brookbank - Open Pit 86 2.4 7
Brookbank - Underground 202 4.1 27
Key Lake - Open Pit 673 1.3 28
Key Lake - Underground 29 3.6 3
Kailey 1,844 1.0 58
Kemess Underground (5) 21,600 0.4 277
Kemess East (5) 63,800 0.3 640
Total 167,765 1.3 6,819

(1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 100%, Öksüt 100%, Kemess Underground and Kemess East 100% and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%.

(2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.

(3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.

(4) Production at Mount Milligan is subject to a streaming agreement with RGLD Gold AG and Royal Gold, Inc. (collectively, “Royal Gold”) which entitles Royal Gold to 35% of gold sales from the Mount Milligan Mine. Under the stream arrangement, Royal Gold will pay $435 per ounce of gold delivered. Mineral reserves for the Mount Milligan property are presented on a 100% basis.

(5) As of January 8, 2018, Centerra Gold closed the acquisition of AuRico Metals Inc. The Kemess Underground and Kemess East reserves and resources have been included in the Company’s annual statement.

(6) Numbers may not add up due to rounding.

* On October 12, 2018 Centerra Gold sold its Mongolian Business Unit (Boroo, Gatsuurt, Ulaan Bulag) to OZD ASIA PTE Ltd, a private Singapore based company.