Mr. Scott Perry reports

CENTERRA GOLD REPORTS 2020 GOLD PRODUCTION OF 824,059 OUNCES EXCEEDING ANNUAL GUIDANCE

Centerra Gold Inc.'s fourth quarter and annual production exceeded the upper end of its consolidated 2020 annual gold production guidance.

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 are expected to be within the annual guidance range of $410 to $460.
• All-in sustaining costs on a byproduct basis per ounce sold (AISC) is expected to be below the lower end of the annual guidance range of $740 to $790.

The company is planning an earnings conference call and webcast for Feb. 24, 2021, at 9 a.m. Eastern Time to discuss 2020 financial and operational results.

Scott Perry, president and chief executive officer of Centerra, stated: "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 Jan. 31, 2020, and achieved commercial production on May 31, 2020. Given our actual gold production, our all-in sustaining costs per ounce sold is expected to be below the lower end of our 2020 guidance range."

About Centerra Gold Inc.

Centerra Gold is a Canada-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in central Asia. Centerra operates three mines: the Kumtor mine in the Kyrgyz Republic, the Mount Milligan mine in British Columbia, Canada, and the Oksut mine in Turkey.

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