Ms. Lisa Wilkinson reports

CENTERRA GOLD ANNOUNCES 2023 YEAR-END MINERAL RESERVES AND RESOURCES AND PROVIDES EXPLORATION UPDATE

Centerra Gold Inc. has released its 2023 year-end estimates for mineral reserves and mineral resources. Proven and probable gold mineral reserves were 3.6 million ounces and proven and probable copper mineral reserves were 961 million pounds, as of Dec. 31, 2023. Measured and indicated gold mineral resources were 6.9 million ounces as of Dec. 31, 2023, driven by a significant increase at Mount Milligan. The company is encouraged by the large mineral endowment at Mount Milligan setting the stage for potential future mine life growth. All figures are in United States dollars unless otherwise stated.

• Mount Milligan: Centerra entered into an additional agreement with RGLD Gold AG, a subsidiary of Royal Gold Inc., relating to Mount Milligan, which immediately extends the mine life by two years to 2035 and grows the mineral resources to 510 million tonnes, inclusive of reserves. For additional details, please refer to the announcement entitled "Centerra Gold Announces Mount Milligan Mine Life Extension and New Agreements with Royal Gold," which was issued in conjunction with this news release on Feb. 14, 2024.
• Kemess: The Kemess underground block cave project is not a priority for Centerra's project pipeline at this time. The prior mineral reserves and resources estimate produced for this project were completed with costs and commodity price assumptions that are no longer applicable. As a result, the company has applied current capital, operating and metal price assumptions to reclassify the historical reserves as a blend of open-pit and underground resources. Confirmation and exploration drilling, as well as technical studies are planned for 2024 and are expected to provide an updated mining and processing concept which may unlock additional value. Kemess benefits from infrastructure already on site, several permits in place and an impact benefit agreement with its first nation partners. Centerra remains optimistic that Kemess could be a future source of gold and copper production.

• Berg: In December, 2023, Centerra entered into an agreement to sell its 100-per-cent interest in the Berg property to Surge Copper Corp., which was completed in January, 2024. Surge had been earning into a 70-per-cent interest in the Berg property, and following the sale, Centerra holds approximately 15 per cent of Surge's outstanding common shares. As a result, Berg is not included in Centerra's overall copper resources at the end of 2023.

Exploration update

Exploration activities in the fourth quarter of 2023 included drilling, surface rock and soil sampling, geological mapping, and geophysical surveying, targeting gold and copper mineralization at the company's projects and properties in Canada, Turkey and the United States.

2023 exploration highlights:

• Significant mineral endowment at Mount Milligan sets the stage for potential future resource additions, including possibilities for near-surface additions and depth extensions.
• Resource delineation for oxide and transition material continued at the Goldfield project, with emphasis on extending known mineralization from the Gemfield deposit.
• Positive initial results at the Oakley project early in 2023 warranted a follow-up drilling campaign.
• Fourth quarter of 2023 drilling program included 7,967 metres of drilling.
• Full-year 2023 drilling totalled 94.7 kilometres, including greenfield projects.

2024 exploration outlook:

• Pursue further exploration activities to identify potential extensions and enhancements to existing resources at Mount Milligan;
• Commence drill test programs at all identified target areas in Canada, the United States and Turkey;
• Continue with advanced exploration activities at Goldfield and Oakley;
• Exploration expenditures in 2024 are expected to be $35-million to $45-million, including $17-million to $22-million of brownfield exploration, and $18-million to $23-million of greenfield and generative exploration programs.

Mount Milligan mine:

• Continuing exploration drilling program at Mount Milligan aimed at expanding the mineral resource base significantly.
• In 2023, 80 per cent of exploration drilling focused on the pit and three brownfield areas, revealing mineralization in tested areas west of the pit margin and below the ultimate pit boundary.
• Goldmark, Boundary and South Boundary present possibilities for near-surface additions, while North Slope, DWBX extension and Saddle West are being tested for depth extensions.
• Encouraged by the significant mineral endowment and potential future resource additions at Mount Milligan, Centerra plans to invest approximately $5-million to $7-million in exploration at Mount Milligan in 2024.

Mount Milligan brownfield drilling and exploration

The DWBX zone is the depth extension of the WBX porphyry-style gold-copper mineralization currently mined in the pit. Mineralization is associated with potassic alteration and early quartz veins within the DWBX stock and stock margins. Results received to date show the depth extension of the mineralization and potential to extend the pit to mine DWBX and DWBX extension. Some selected significant results received during the year include:

• Hole No. 23-1475: 51.6 m at 0.73 gram per tonne Au, 0.047 per cent Cu from 335 m;
• Hole No. 23-1484: 50.7 m at 1.60 g/t Au, 0.177 per cent Cu from 173 m;
• Hole No. 23-1484: 72 m at 0.65 g/t Au, 0.202 per cent Cu from 447 m;
• Hole No. 23-1487: 157.6 m at 0.23 g/t Au, 0.035 per cent Cu from 271 m.

The Goldmark zone is directly west of the current Mount Milligan pit design, situated above the high-grade DWBX zone. Drilling during the year aimed to test the western extent of the Goldmark mineralization that had been intersected in previous drilling programs. Shallow porphyry-style gold and copper mineralization is hosted at the margins of dikes and the Goldmark stock. HGLC-style (high gold/low copper) mineralization occurs throughout the zone. The results show potential for shallow resource addition and the extension of mineralization west of the existing pit boundary. Significant results include:

• Hole No. 23-1480: 55.5 m at 1.55 g/t Au, 0.026 per cent Cu from 13 m;
• Hole No. 23-1481: 90.2 m at 0.49 g/t Au, 0.054 per cent Cu from 419 m;
• Hole No. 23-1485: 132 m at 0.25 g/t Au, 0.192 per cent Cu from 366 m.

The North Slope zone is approximately 1.5 kilometres from the western margins of the existing pit boundary. Assays returned show localized shallow zones of low-grade gold and copper mineralization related to the North Slope stock, with higher-grade porphyry-style gold and copper mineralization at depth. Significant results include:

• Hole No. 23-1491: 58 m at 0.17 g/t Au, 0.102 per cent Cu from 443 m;
• Hole No. 23-1493: 50.5 m at 0.19 g/t Au, 0.219 per cent Cu from 489 m;
• Hole No. 23-1503: 43.8 m at 0.21 g/t Au, 0.303 per cent Cu from 439 m.

The Saddle zone and the Saddle West zone are south of Goldmark, along the western margins and within one kilometre of the current pit boundary. The program was designed for resource expansion, targeting extension of deep HGLC mineralization below the current pit. Results returned show potential for deep resource addition adjacent to and below the current pit boundary. Significant results include:

• Hole No. 23-1470: 61 m at 0.895 g/t Au, 0.005 per cent Cu from 476 m;
• Hole No. 23-1467: 106.7 m at 0.259 g/t Au, 0.023 per cent Cu from 344 m;
• Hole No. 23-1471: 12.3 m at 1.45 g/t Au, 0.022 per cent Cu from 498 m.

The Boundary zone is within 500 metres of the western margins of the Southern Star pit boundary. Assays returned show shallow and deep porphyry-style gold and copper mineralization associated with dikes in the Boundary zone and the extension of the Southern Star stock at depth. Mineralization is associated with potassic and propylitic alteration, often overprinted by quartz-sericite-pyrite alteration, with early quartz veins and chalcopyrite plus or minus pyrite veins. Significant results include:

• Hole No. 23-1514: 25 m at 0.152 g/t Au, 0.181 per cent Cu from 129 m;
• Hole No. 23-1509: 73.7 m at 0.336 g/t Au, 0.066 per cent Cu from 215.3 m;
• Hole No. 23-1510: 42.4 m at 0.202 g/t Au, 0.322 per cent Cu from 511.6 m;
• Hole No. 23-1507: 35.6 m at 0.219 g/t Au, 0.216 per cent Cu from 455 m.

In addition to the east-west corridor, drill testing was carried out within the southwest-northeast corridor at M6 and Orica, both targets were interpreted as linking to the Southern Star pit. M6 and Orica drill testing zones are approximately 1.5 kilometre west and southwest, respectively, from the western margins of the Southern Star ultimate pit boundary. Results received show mineralization potential in a relatively underexplored area, especially to the southwest. The porphyry-style gold and copper mineralization in these target areas are expected to be part of the focus in 2024.

Goldfield project:

• Goldfield achieved 49 kilometres of drilling in 2023.
• Fourth quarter exploration program totalled 4,024 metres in 16 core drill holes and 23,160 metres in 103 reverse circulation holes.
• Three satellite prospects east of the Gemfield deposit (Jupiter, Callisto, Kendall) were drill tested, with Jupiter and Callisto indicating a transition from deeper sulphide to shallow oxide mineralization in the up-dip projection.

Gemfield deposit and its immediate satellite target areas are geologically characterized by gently dipping, intermediate and felsic volcanic units unconformably overlain by unconsolidated pebble to cobble conglomerate and down-dropped by postmineral normal faults. Mineralization is typically hosted in stratabound Sandstorm rhyolite, although lower-grade mineralization can be found in several of the felsic units, and is associated with a large, widespread blanket of quartz-alunite alteration dominated by pyrite in a high-sulphidation environment. The Jupiter and Callisto prospects represent deeper sulphide mineralization transitioning to shallow oxide mineralization in the up-dip projection of the host stratigraphy. Exploration activities focused on defining the extent of the oxide mineralization, and additional exploration activities are planned at both Jupiter and Callisto in 2024. Significant results received during the year include:

• Hole No. GEM-23-R122: 80 m at 6.94 g/t Au from 65 m;
• Hole No. GEM23D26: 173.5 m at 1.82 g/t Au from 441 m;
• Hole No. GEM23R170: 190 m at 1.20 g/t Au from 370 m;
• Hole No. GEM23R170: 170 m at 0.47 g/t Au from 595 m;
• Hole No. GEM-23-R112: 80 m at 1.41 g/t Au from 315 m;
• Hole No. GEM23R175: 85 m at 1.18 g/t Au from 435 m;
• Hole No. GEM23R157: 170 m at 0.47 g/t Au from 605 m;
• Hole No. GEM-23-R125: 50 m at 1.55 g/t Au from 250 m;
• Hole No. GEM-23-R102: 40 m at 1.79 g/t Au from 290 m;
• Hole No. GEM-23-R116: 200 m at 0.35 g/t Au from 125 m.

Oakley project

In 2023, Centerra earned into a 70-per-cent interest in Oakley and subsequently acquired the remaining 30-per-cent interest from Excellon Resources Inc., bringing the company's total interest in the project to 100 per cent. Exploration activities in the second half of 2023 continued to define a near-surface, structurally controlled, low-sulphidation epithermal gold occurrence at the Blue Hill prospect. Additional epithermal-style gold prospects were identified in the fourth quarter in other parts of the project area. These targets will be drill tested during 2024. Significant results received during the year include:

• Hole No. BHC-23-10: 46.5 m at 0.55 g/t Au from 27.5 m;
• Hole No. BHC-23-10: 64 m at 0.40 g/t Au from 78 m;
• Hole No. BHC-23-11: 32.9 m at 0.34 g/t Au from 45.2 m;
• Hole No. BHC-23-11: 25 m at 0.94 g/t Au from 102 m;
• Hole No. BHC-23-17: 39.8 m at 0.28 g/t Au from 35.5 m;
• Hole No. BHC-23-20: 45.5 m at 0.43 g/t Au from 79 m;
• Hole No. BHC-23-21: 32.1 m at 0.32 g/t Au from 61.5 m;
• Hole No. BHC-23-21: 38.5 m at 0.49 g/t Au from 159 m;
• Hole No. BHC-23-27: 34.1 m at 0.34 g/t Au from 91.5 m;
• Hole No. BHC-23-27: 47 m at 0.39 g/t Au from 129.4 m.

Oksut mine

In the fourth quarter of 2023, five core drill holes were completed at Oksut, aimed to test for a potential deep porphyry target beneath the Keltepe and Guneytepe pits. The exploration for deep porphyry deposits was initiated based on historical drill holes confirming potassic alteration related to porphyry intrusive on the Oksut licence. In 2024, a detailed alteration analysis is expected to be carried out using 2023 and deep historical holes drilled in and around Oksut.

A full listing of the drill results has been filed on SEDAR+ and EDGAR and is available on the company's website.

Qualified persons -- mineral reserves and resources

Jean-Francois St-Onge, professional engineer, member of the Professional Engineers of Ontario (PEO) and Centerra's senior director, technical services, has reviewed and approved the scientific and technical information related to mineral reserves at Mount Milligan and mineral resources at Kemess open pit, Kemess underground and Kemess East contained in this news release. Mr. St-Onge is a qualified person within the meaning of Canadian Securities Administrator's National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Andrey Shabunin, professional engineer, member of the Professional Engineers of Ontario (PEO) and general manager of Oksut mine, has reviewed and approved the scientific and technical information related to mineral reserves at Oksut contained in this news release. Mr. Shabunin is a qualified person within the meaning of Canadian Securities Administrator's NI 43-101 Standards of Disclosure for Mineral Projects.

A.C. (Chris) Hunter, professional geoscientist, member of the Engineers and Geoscientists of British Columbia (EGBC) and Centerra's senior geologist, has reviewed and approved the scientific and technical information related to mineral resources estimates at Mount Milligan contained in this news release. Mr. Hunter is a qualified person within the meaning of Canadian Securities Administrator's NI 43-101 Standards of Disclosure for Mineral Projects.

Dr. Lars Weiershauser, PhD, PGeo and Centerra's director, geology, has reviewed and approved the scientific and technical information related to mineral resources estimates contained related to Oksut in this news release. Dr. Weiershauser is a qualified person within the meaning of Canadian Securities Administrator's NI 43-101 Standards of Disclosure for Mineral Projects.

All other scientific and technical information presented in this document were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101 and were reviewed, verified and compiled by Centerra's geological and mining staff under the supervision of W. Paul Chawrun, professional engineer, member of the Professional Engineers of Ontario (PEO), and Centerra's executive vice-president and chief operating officer, and Anna Malevich, professional engineer, member of the Professional Engineers of Ontario (PEO) and Centerra's senior director, projects, each of whom is a qualified person for the purpose of NI 43-101.

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.

Qualified person and quality assurance/quality control -- exploration

Exploration information and related scientific and technical information in this document regarding the Mount Milligan mine were prepared, reviewed, verified and compiled in accordance with the standards of NI 43-101 by Cheyenne Sica, member of the Association of Professional Geoscientists Ontario, member of Engineers and Geoscientists British Columbia, and exploration manager at Centerra's Mount Milligan mine, who is the qualified person for the purpose of NI 43-101. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during the exploration drilling programs are done consistent with industry standards while independent certified assay labs are used. The Mount Milligan mine's deposit is described in the company's most recently filed annual information form and a technical report dated Nov. 7, 2022 (with an effective date of Dec. 31, 2021), prepared in accordance with NI 43-101, both of which are available on SEDAR+ and EDGAR.

Exploration information and related scientific and technical information in this document regarding the Oksut mine, the Goldfield district project, Oakley project and all other exploration projects were prepared, reviewed, verified and compiled in accordance with the standards of NI 43-101 by Richard Adofo, member of the Professional Association of Geoscientists Ontario and vice-president, exploration and resource, at Centerra, who is the qualified person for the purpose of NI 43-101. Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during the exploration drilling programs are done consistent with industry standards while independent certified assay labs are used. The Oksut deposit is described in the company's most recently filed annual information form, which is available on SEDAR+ and EDGAR, and in a technical report dated Sept. 3, 2015 (with an effective date of June 30, 2015), prepared in accordance with NI 43-101, which is available on SEDAR+. The Goldfield district project is described in the company's most recently filed annual information form, which is available on SEDAR+ and EDGAR.

All other scientific and technical information presented in this document were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101 and were reviewed, verified and compiled by Centerra's geological and mining staff under the supervision of Mr. Chawrun, professional engineer, member of the Professional Engineers of Ontario (PEO), who is a qualified person for the purpose of NI 43-101.

About Centerra Gold Inc.

Centerra Gold is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey and other markets worldwide. Centerra operates two mines: the Mount Milligan mine in British Columbia, Canada, and the Oksut mine in Turkey. The company also owns the Goldfield district project in Nevada, United States, the Kemess project in British Columbia, Canada, and owns and operates the molybdenum business unit in the United States and Canada. Centerra's shares trade on the Toronto Stock Exchange under the symbol CG and on the New York Stock Exchange under the symbol CGAU. The company is based in Toronto, Ont., Canada.

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