Centerra Gold Inc: Centerra Gold's Kemess Preliminary Economic Assessment Highlights Strong Economics that Support the Company's Long-Term Growth Pipeline

Expanded mineral resource and strong exploration upside support long-term production potential

Streamlined project execution driven by integrated open pit and underground mining strategy

Existing infrastructure and staged capital investment result in lowered execution risk

This news release contains forward-looking information about expected future events that is subject to risks and assumptions set out in the "Cautionary Statement on Forward-Looking Information" below. All figures are in United States dollars unless otherwise stated. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the "Non-GAAP Financial Measures" disclosures at the end of this news release for a description of these measures. The preliminary economic assessment ("PEA") described in this news release 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

TORONTO, Jan. 19, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. ("Centerra" or the "Company") (TSX: CG) (NYSE: CGAU) is pleased to announce an updated mineral resource and the results of a PEA for its Kemess project ("Kemess" or the "Project") in British Columbia, showing robust economics including an after-tax net present value (5%) ("NPV_5%") of $1.1 billion and an after-tax internal rate of return ("IRR") of 16%, using long-term pricing of $3,000 per ounce gold and $4.50 per pound of copper.

President and CEO, Paul Tomory, commented, "The Kemess PEA represents an important step forward in advancing Centerra's organic growth pipeline in British Columbia. The study builds on a significant mineral endowment, outlining a de-risked restart plan that leverages substantial existing infrastructure and employs an integrated development strategy based on conventional open pit and longhole open stoping underground mining operation. This approach supports strong economics, including an initial 15-year mine life with average annual production of 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces), at an all-in sustaining cost ("AISC") on a by-product basis^NG of $971 per ounce. Given the significant unstreamed gold and copper production profile, the value of Kemess increases to $2.8 billion at spot metal prices."

Paul Tomory continued, "The expanded resource estimate reflects a thorough and disciplined evaluation of the full body of available geological data across the site including additional drilling and technical work in the Nugget zone and the historical Kemess South deposit. The PEA evaluates only the Kemess Main and Kemess Underground areas, which represent approximately 47% of the total indicated and inferred resource tonnes, highlighting the potential for additional resources to be incorporated into future technical studies."

Paul Tomory concluded, "The PEA also demonstrates the strategic opportunity Kemess represents as Centerra continues to advance its self-funded organic growth pipeline. We see an opportunity for Kemess to become Centerra's second long-life gold-copper asset in British Columbia, complementing Mount Milligan and strengthening our presence in the Toodoggone, one of the most prospective mining jurisdictions in North America. Kemess represents a compelling growth opportunity, supported by strong economics and significant upside exploration potential in the deep Kemess Offset zone and along the Kemess East trend. We are now focused on ongoing exploration and advancing technical work towards a Pre-Feasibility Study expected in 2027."

The Honourable, David Eby, Premier of British Columbia, commented "This is promising news for our province and Canada as a whole. Centerra's continued interest reflects the incredible momentum we're building in British Columbia's mining sector. The potential reopening of the Kemess mine is one of several mining projects that will create thousands of good paying, family supporting jobs, and generate billions of dollars for our economy. Together with investors, communities, and First Nations, we are meeting the moment as the economic engine of a stronger and more independent Canada."

Kemess Updated Resource and PEA Highlights

• Expanded mineral resource at Kemess enhances the project's overall scale and supports its long-term production potential: The updated mineral resource contains 3.3 million ounces of gold and 1.1 billion pounds of copper in the indicated category, and 3.6 million ounces of gold and 1.2 billion pounds of copper in the inferred category. Details of the mineral resource are in the tables below. The resource estimate reflects a comprehensive evaluation of the available geological data across the site. Recent drilling and technical work included the Nugget zone and the historical Kemess South deposit, which when combined with the Kemess Main zone, emphasize the scale of the mineral resource at Kemess. The findings of this PEA are limited to the Kemess Main and Kemess Underground areas as a subset of the mineral resource.
• Strong project economics complemented by leverage to higher metal prices, enhance project attractiveness: The PEA confirms Kemess's robust economics, including NPV_5% of $1.1 billion and IRR of 16%, based on long-term gold and copper price assumptions of $3,000 per ounce and $4.50 per pound, respectively. The PEA mineral inventory of over 2.3 million ounces of gold and 851 million pounds of copper provides Kemess with strong leverage to rising metal prices, with further upside potential as ongoing exploration advances resource growth and confidence. At spot commodity prices of approximately $4,500 per ounce of gold and $6.00 per pound of copper, the after-tax NPV_5% increases to $2.8 billion and the IRR increases to 29%.
• Streamlined project execution through integrated open pit and underground mining strategy: The Kemess PEA outlines a development approach in which open pit mining begins first, followed by the start of underground production approximately two years later. Once underground production commences, both mining methods operate concurrently for the remainder of the projected 15-year mine life. This integrated mine plan helps streamline the project execution, optimize the plant feed and utilize the existing infrastructure, while maintaining the expected timeline to first production in late 2031. Key critical-path items include the required BC Hydro sub-station upgrade, as well as permitting activities.
• Lowered execution risk resulting from existing infrastructure and staged capital investment: Kemess's capital profile is structured to reflect the project's development sequence, with open pit mining starting first and underground production added shortly thereafter. Approximately $771 million in initial non-sustaining capital expenditures^NG is required to achieve first production from the open pit. This includes open pit capital stripping, construction of the underground conveyor system from Kemess Main to the Kemess South process plant, and refurbishment of the process plant and camp. An additional $277 million in expansionary non-sustaining capital expenditures^NG will be invested over the two years following open pit start-up to support the commencement of underground operations. This includes underground development and the construction of a leach plant, which is expected to both improve overall gold recovery by approximately 14% and provide valuable optionality by enabling the processing of ore from potential satellite deposits in the future.
• Significant exploration upside across the property: In 2025, a total of 28 kilometres ("km") of drilling was completed, focused on infill drilling at Kemess Main open pit, Kemess Underground and Nugget zones, as well as resource extension drilling at Kemess Offset. Results confirm the continuity of mineralization within the resource areas. Exploration programs planned for 2026 will prioritize additional infill drilling of the Kemess Main zone, and delineating porphyry mineralization at the Kemess Offset zone to evaluate underground mineable grades and potential continuity with the Kemess East resource. Future exploration opportunities may also include testing the eastern extensions of Kemess East to KEY and Hilda South targets.
• Potential to become Centerra's second long-life gold-copper asset in British Columbia: With an estimated initial 15-year mine life and average annual production of 171,000 ounces of gold and 61 million pounds of copper (approximately 267,000 gold equivalent ounces assuming $3,000 per ounce gold, $4.50 per pound copper and $37.50 per ounce silver), Kemess has the scale and jurisdictional advantages to complement Mount Milligan as a cornerstone asset. Importantly, Kemess is unencumbered by a gold or copper stream, positioning the project to deliver stronger economics and greater value retention for Centerra. The PEA reinforces Kemess as a high-quality growth project, capable of contributing meaningful long-term gold and copper production and supporting strong future cash flow generation.
  
  

Summary of Kemess PEA Key Metrics

Summary of Kemess PEA Key Metrics(1)
Production
Type of operation	Open Pit & Underground
Mine Life (years)	15
Total gold production (koz)	2,323
Average annual gold production(2)(koz)	171
Total copper production (Mlbs)	851
Average annual copper production(2)(Mlbs)	61
Total process plant feed (M tonnes)	254,869
Average process plant throughput - post-2033 (tonnes per day "tpd")	50,000
Average gold grade (grams per tonne "g/t")	0.39
Average copper grade	(5	-	(6	-	(7	-	(8	-	(8	-	(9	-	(8	-	(10	-	(9	-	(10	-	(11	-	(12	-	(13	-	(14	-	(1	-	-		-
Total revenue ($M)	10,681		-		-		-		29		459		670		729		830		768		797		731		795		747		743		802		826		839		841		74		-		-
Silver stream upfront payments ($M)	45		10		10		13		13		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Total inflows ($M)	10,726		10		10		13		41		459		670		729		830		768		797		731		795		747		743		802		826		839		841		74		-		-
Unit Costs- 2)
Gold production costs ($/oz)	1401		-		-		-		2,995		1,270		1,504		1,620		1,432		1,515		1,403		1,553		1,424		1,438		1,438		1,320		1,296		1,250		1,129		1,061		-		-
AISC on a by-product basisNG ($/oz)	971		-		-		-		4,285		1,606		1,589		1,741		1,428		1,189		900		1,066		836		895		877		610		601		492		205		43
Outflows
Operating costs ($M)	(4,985	-	(0	-	(0	-	(0	-	(29	-	(195	-	(336	-	(394	-	(396	-	(388	-	(373	-	(378	-	(377	-	(358	-	(357	-	(353	-	(357	-	(350	-	(317	-	(26	-	-		-
Selling and marketing costs3) ($M)	(98	-	-		-		-		(0	-	(5	-	(7	-	(6	-	(7	-	(7	-	(7	-	(6	-	(7	-	(6	-	(7	-	(7	-	(7	-	(8	-	(8	-	(1	-	-		-
Initial non-sustaining capital expendituresNG ($M)	(771	-	(151	-	(271	-	(292	-	(58	-	-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Expansionary non-sustaining capital expendituresNG ($M)	(277	-	-		-		-		(91	-	(186	-	(1	-	-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Sustaining capital expendituresNG ($M)	(595	-	-		-		-		-		(109	-	(93	-	(78	-	(89	-	(17	-	(41	-	(27	-	(26	-	(24	-	(24	-	(19	-	(20	-	(17	-	(10	-	(1	-	-		-
Lease payments ($M)	(269	-	-		-		(25	-	(21	-	(28	-	(35	-	(41	-	(44	-	(48	-	(3	-	(3	-	(3	-	(3	-	(3	-	(3	-	(3	-	(3	-	(3	-	-		-		-
Reclamation expenditures ($M)	(100	-	-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		(36	-	(36	-	(27	-
Cash taxes ($M)	(1,302	-	-		-		-		-		(5	-	(7	-	(7	-	(68	-	(69	-	(86	-	(72	-	(100	-	(118	-	(121	-	(146	-	(155	-	(164	-	(179	-	(6	-	-		-
Total outflows ($M)	(8,397	-	(151	-	(271	-	(317	-	(199	-	(529	-	(478	-	(525	-	(605	-	(529	-	(510	-	(487	-	(514	-	(509	-	(510	-	(529	-	(542	-	(541	-	(517	-	(70	-	(36	-	(27	-
Net cash flow ($M)	2,329		(141	-	(261	-	(304	-	(157	-	(70	-	191		204		225		239		287		244		281		238		233		273		284		298		325		4		(36	-	(27	-
NPV @ 5%- 4) ($M)	1,094

(1) Silver revenues include impact from the Kemess stream arrangement with Triple Flag Precious Metals Corp. ("Triple Flag").
(2) Unit cost LOM average. Open pit mining costs refer to open pit unit cost per tonne mined. Underground mining costs refer to underground unit cost per tonne mined. Milling and G&A costs refer to respective unit cost per tonne of ore milled.
(3) Selling and marketing costs include ocean freight.
(4) NPV @ 5% includes a $69 million incremental closure benefit.
"Mt" refers to millions of tonnes; "koz" to thousands of ounces; "Mlb" to millions of pounds; and "kdmt" to thousands of dry metric tonnes. NOTE: Totals may not add due to rounding.

Project Assumptions

The economic analysis of the Project was performed using the following assumptions and basis:

1. Economic assessment of the project uses a discounted cash flow approach. Cash flows are estimated to occur at the mid-year of each period. NPV is calculated by discounting LOM cash flows from January 1, 2028 to the end of mine life, using 5% discount rate.
2. Economics include the time value of money benefit of pushing out $69 million of care and maintenance and closure costs to the end of the LOM.
3. Project economics are based on long-term commodity prices of $3,000/oz gold and $4.50/lb copper. USD/CAD exchange rate assumption is $1.38:1.
4. All costs presented are in constant US dollars as of January 1, 2026 with no price inflation or escalation factors applied.
5. The silver produced from Kemess is subject to a stream arrangement with Triple Flag. Under the terms of the arrangement, Triple Flag will contribute $45 million as advance payments at certain milestones following a construction decision and will receive 100% of the silver production from Kemess. Triple Flag will make ongoing payments of 10% of the then current market price for each ounce of silver delivered. The impact of the stream arrangement is fully incorporated into the project economics.
6. No salvage values are assumed for the capital equipment at the end of mine life.
7. Reclamation and closure costs for the site were estimated at approximately C$247 million, undiscounted (C$138 million discounted from start of closure in 2046).
   
   

Centerra Gold Updated Kemess Resource Summary^(1,4,5) as of December 31, 2025
(see additional footnotes below)

Indicated Mineral Resources(2)
	Tonnes (kt)	Gold Grade (g/t)	Contained Gold (koz)	Copper Grade (%)	Contained Copper (Mlbs)	Silver Grade (g/t)	Contained Silver (koz)
Open Pit - Main Zone	170,513	0.30	1,668	0.15	575	1.12	6,155
Open Pit - Kemess South	13,204	0.37	158	0.13	38	0.68	289
Underground - Kemess UG	33,223	0.82	877	0.36	265	2.48	2,652
Underground - Kemess East	27,491	0.64	565	0.44	268	1.91	1,684
Total Indicated	244,431	0.42	3,269	0.21	1,146	1.37	10,780
Inferred Mineral Resources(3)
	Tonnes (kt)	Gold Grade (g/t)	Contained Gold (koz)	Copper Grade (%)	Contained Copper (Mlbs)	Silver Grade (g/t)	Contained Silver (koz)
Open Pit - Main Zone	237,050	0.30	2,299	0.13	682	1.06	8,108
Open Pit - Kemess South	198	0.34	2	0.08	0	0.42	3
Underground - Kemess UG	20,094	0.74	481	0.33	148	2.22	1,433
Underground - Kemess East	42,252	0.57	772	0.42	393	1.92	2,602
Total Inferred	299,593	0.37	3,555	0.19	1,223	1.26	12,146

(1) Mineral resources are stated in accordance with CIM (2014) Definitions as incorporated by reference into NI 43-101. Mineral Resources are estimated and have an effective date of December 31, 2025.
(2) Mineral resources do not have demonstrated economic viability.
(3) Inferred mineral resources have a lower level of confidence 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) Centerra's equity interests as of this news release are as follows: Kemess Main, Kemess South, Kemess UG, Kemess East 100%.
(5) Numbers may not add due to rounding.

Additional Resource Footnotes

• A conversion factor of 31.1035 grams per troy ounce of gold is used in the mineral reserve and resource estimates.
• The mineral resources are reported based on a gold price of $2,400 per ounce, a copper price of $4.00 per pound, a silver price of $25.00 per ounce and an exchange rate of 1USD:1.33CAD.
• The Kemess Main open pit mineral resources (including the Nugget zone) are constrained by a pit shell and are reported based on a Net Smelter Return ("NSR") cut-off of $12.01 per tonne (C$15.97 per tonne) that considers materials handling costs, metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges to determine economic viability. A dilution factor of 0% and a mining recovery of 100% is used.
• The Kemess South open pit mineral resources are constrained by a pit shell and are reported based on a NSR cut-off of $9.98 per tonne (C$13.27 per tonne) that considers metallurgical recoveries, concentrate grades, transportation costs, and smelter treatment charges to determine economic viability. A dilution factor of 0% and a mining recovery of 100% is used.
• The Kemess Underground mineral resource is constrained by optimized stope shapes using commercially available software. Optimized stope shapes were included where the estimated average stope NSR exceeded a minimum stope cut-off value of $40.68 per tonne (C$54.10 per tonne), representing the estimated break-even value required to cover mining, processing, general and administrative, and sustaining capital costs. Economic screening was performed on stope shapes to ensure reasonable prospects for eventual economic extraction. Dilution was estimated using equivalent linear overbreak sloughing ("ELOS") for each slope type and ore-waste contacts, which vary between zero and 1.25 metres. Mining recovery of 93% was applied to all stopes.
• The Kemess East underground mineral resource is constrained by optimized stope shapes using commercially available software. Optimized stope shapes were included where the estimated average stope NSR exceeded a minimum stope cut-off value of $40.68 per tonne (C$54.10 per tonne), representing the estimated break-even value required to cover mining, processing, G&A, and sustaining capital costs. Economic screening was performed on stope shapes to ensure reasonable prospects for eventual economic extraction. Dilution was estimated using ELOS for each slope type and ore-waste contacts, which vary between zero and 1.25 metres. Mining recovery of 93% was applied to all stopes.
• The Kemess Main open pit shell was restricted to a minimum floor elevation of 1,355 metres above sea level ("masl") and the Kemess Underground optimized stope shapes were restricted to a maximum elevation of 1,355 masl, to represent the conceptual transition between open pit and underground mining zones for resource estimation purposes.
• A portion of the mineral resource estimate is included in the economic analysis for the PEA, which is limited to the Kemess Main open pit and Kemess Underground zones. This is a conservative subset that reflects mining, processing and economic assumptions. It is important to note that the PEA mining inventory is not a mineral reserve and does not demonstrate economic viability. The subset of the mineral resource used in the PEA was based on a gold price of $2,000 per ounce, a copper price of $3.75 per pound, a silver price of $22.50 per ounce and an exchange rate of 1USD:1.33CAD.

Mineral reserve and mineral resource estimates are forward-looking information and are based on key assumptions and are subject to material risk factors. If any event arising from these risks occurs, the Company's business, prospects, financial condition, results of operations or cash flows, and the market price of Centerra's shares could be adversely affected. Additional risks and uncertainties not currently known to the Company, or that are currently deemed immaterial, may also materially and adversely affect the Company's business operations, prospects, financial condition, results of operations or cash flows, and the market price of Centerra's shares. See the section entitled "Risk That Can Affect Centerra's Business" in the Company's Management's Discussion and Analysis (MD&A) for the three months ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar and see also the discussion below under the heading "Cautionary Statement on Forward-Looking Information".

NI 43-101 Technical Report

A technical report on Kemess will be prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and will be filed within 45 days of this news release on SEDAR+ at www.sedarplus.ca and EDGAR www.sec.gov/edgar.

About Centerra Gold
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra's shares trade on the Toronto Stock Exchange ("TSX") under the symbol CG and on the New York Stock Exchange ("NYSE") under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:

Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
[phone]
[e-mail]

Additional information on Centerra is available on the Company's website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact contained or incorporated by reference in this news release, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward looking information or forward-looking statements within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbor" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. 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. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "assume", "believes", "continue", "encouraged", "estimate", "expect", "future", "ongoing", "plan", "potential", "project", "target", "update" or "upside", or variations of such words and phrases and similar expressions or statements that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved or the negative connotation of such terms. Such statements include but may not be limited to: the estimation of mineral resources, including inferred mineral resources, at Kemess and the potential of eventual economic extraction of minerals from the project; the identification of future mineral resources at the project; the Company's ability to convert existing mineral resources into categories of mineral resources or mineral reserves of increased geological confidence; life of mine estimates; future exploration potential; timing and scope of future exploration (brownfields or greenfields); the project design, including the location of infrastructure and the proposed open pit and underground mine plans; the project development timeline to production including future phases of the project and development and construction of and production at the project, including the possibility of constructing either or both of an open pit and underground mines; the timing of and future prospects for exploration and any expansion of the project, including upside associated with the project's land package; the future success of Kemess including results of the preliminary economic assessment and accompanying mining methods including the possibility of constructing either or both of an open pit and underground mines; the potential for expanding the mineral resources; the potential for identifying additional mineralization in areas of intercepts and conceptual areas for extension and expansion; any potential synergies between the Kemess project and satellite deposits, if any; the ability of the existing infrastructure at Kemess to lower execution risk for the project and the possibility that any additional infrastructure will complement it; and the expectation that a leach plant will increase gold recovery.

The Company cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies, which may prove to be incorrect, include but are not limited to: there being no significant disruptions affecting the activities of the Company whether due to extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting and development of the project being consistent with the Company's expectations; political and legal developments in British Columbia and Canada being consistent with its current expectations; the accuracy of the current mineral resource estimates of the Company; certain price assumptions for gold and copper and foreign exchange rates; the Company's future relationship with Indigenous groups being consistent with the Company's expectations; and inflation and prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with anticipated levels. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Market price fluctuations in gold, copper, and other metals, 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 result in a restatement of mineral reserves. The extent to which mineral resources may ultimately be reclassified as proven or probable mineral reserves is dependent upon the demonstration of their profitable recovery. Economic and technological factors, which may change over time, always influence the evaluation of mineral reserves or mineral resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra can give no assurances that any mineral resource estimate will ultimately be reclassified as proven and probable mineral reserves.

Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Indicated mineral resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the resource. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources of any category can be upgraded to mineral reserves through continued exploration.

Centerra's mineral reserve and mineral resource figures are estimates, and Centerra can provide no assurances that the indicated levels of gold or copper will be produced, or that Centerra will receive the metal prices assumed in determining its mineral reserves. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results, and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While Centerra believes that these mineral reserve and mineral resource estimates are well established, and the best estimates of Centerra's management, by their nature mineral reserve and mineral resource estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences, which may ultimately prove unreliable. If Centerra's mineral reserve or mineral reserve estimates for its properties are inaccurate or are reduced in the future, this could have an adverse impact on Centerra's future cash flows, earnings, results, or operations and financial condition.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, those set out in the Company's latest 40-F/Annual Information Form and Management's Discussion and Analysis, each under the heading "Risk Factors", which are available on SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov/edgar). The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this news release.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law.

Other Information

Christopher Richings, Professional Engineer, member of the Engineers and Geoscientists British Columbia and Centerra's Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Mr. Richings is a "qualified person" within the meaning of the Canadian Securities Administrator's NI 43-101 Standards of Disclosure for Mineral Projects.

All mineral reserve and resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101.

Non-GAAP Financial Measures

This document contains "specified financial measures" within the meaning of NI 52-112, specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold and copper, understanding the economics of gold and copper mining, assessing operating performance, the Company's ability to generate free cash flow from current operations and on an overall Company basis, and for planning and forecasting of future periods. However, the measures have limitations as analytical tools as they may be influenced by the point in the life cycle of a specific mine and the level of additional exploration or other expenditures a company has to make to fully develop its properties. The specified financial measures used in this document do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council ("WGC") guidelines. Accordingly, these specified financial measures should not be considered in isolation, or as a substitute for, analysis of the Company's recognized measures presented in accordance with IFRS.

Definitions

The following is a description of the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures used in this document:

• All-in sustaining costs on a by-product basis per ounce is a non-GAAP ratio calculated as all-in sustaining costs on a by-product basis divided by ounces of gold sold. All-in sustaining costs on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the consolidated statements of earnings, refining and transport costs, the cash component of capitalized stripping and sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses, accretion expenses, asset retirement depletion expenses, copper and silver revenue and the associated impact of hedges of by-product sales revenue. When calculating all-in sustaining costs on a by-product basis, all revenue received from the sale of copper from the Mount Milligan Mine, as reduced by the effect of the copper stream, is treated as a reduction of costs incurred. A reconciliation of all-in sustaining costs on a by-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.
• Sustaining capital expenditures and Non-sustaining capital expenditures are non-GAAP financial measures. Sustaining capital expenditures are defined as those expenditures required to sustain current operations and exclude all expenditures incurred at new operations or major projects at existing operations where these projects will materially benefit the operation. Non-sustaining capital expenditures are primarily costs incurred at 'new operations' and costs related to 'major projects at existing operations' where these projects will materially benefit the operation. A material benefit to an existing operation is considered to be at least a 10% increase in annual or life of mine production, net present value, or reserves compared to the remaining life of mine of the operation. A reconciliation of sustaining capital expenditures and non-sustaining capital expenditures to the nearest IFRS measures is set out below. Management uses the distinction of the sustaining and non-sustaining capital expenditures as an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/9d6a4e4c-0a8f-4f4c-b104-47e00902c0bf

https://www.globenewswire.com/NewsRoom/AttachmentNg/e038b8ec-8cbd-461e-a82b-8ff7ae90710c

https://www.globenewswire.com/NewsRoom/AttachmentNg/47964948-0a14-4835-abe2-262a4b82d2d2