Oksut Mine Exceeded Annual Gold Production

TORONTO - Scott Perry, President and Chief Executive Officer of Centerra Gold Inc., said, “In 2020, our operations had strong operating performance and the Company exceeded its consolidated gold production guidance, delivering more than 824,000 ounces of gold for the year. Of note, is the performance at our newest mine, the Oksut Mine, which exceeded its annual gold production guidance. Oksut’s first gold pour was January 31, 2020 and achieved commercial production on May 31, 2020. Given our actual gold production, our all-in sustaining costs per ounce soldNG is expected to be below the lower end of our 2020 guidance range.”

2020 Fourth Quarter and Annual Highlights: Gold production in the fourth quarter was 172,446 ounces including 90,402 ounces of gold produced by the Kumtor Mine, 42,664 ounces of gold produced by the Mount Milligan Mine and 39,380 ounces of gold produced by the Oksut Mine; Full year 2020 gold production was 824,059 ounces, which exceeded the upper end of guidance, including 556,136 ounces of gold produced by the Kumtor Mine, 161,855 ounces of gold produced by the Mount Milligan Mine and 106,068 produced by the Oksut Mine; Copper production was 20.4 million pounds in the fourth quarter and 82.8 million pounds for the full year 2020, each within guidance range; Production costs per ounce of gold is expected to be within the annual guidance range of $410 to $460; and All-in sustaining costs on a by-product basis per ounce soldNG (“AISC”) is expected to be below the lower end of the annual guidance range of $740 to $790.