CENTERRA GOLD INC Annual Report 2019 Corporate Pr ofile Centerra Gold Centerra is a Canadianbased gold mining company engaged in operating developing acquiring and exploring gold pr operties in North America Asia and other markets worldwide and is one of the lar gest W ester nbased gold pr oducers in Central Asia The Company operates two flagship assets the Mount Milligan Mine in British Columbia Canada and the Kumtor Mine in the Kyr gyz Republic and now has a thir d operating gold mine the 100 owned Oksut Mine in T urkey In 2019 Centerra pr oduced 783308 ounces of gold and 711 million pounds of copper fr om its two operations Centerra s objectives ar e to build shar eholder value by maximizing the potential of its curr ent pr operties deliver pr ofitable gr owth thr ough the development of its latestage pr operties such as Kemess Under gr ound Kemess East and Gr eenstone add additional exploration pr operties and exploration joint ventur es and continue to incr ease its r eserves and r esour ces Centerra s shar es trade on the T o r onto Stock Exchange TSX under the symbol CG The Company is headquarter ed in T o r onto Ontario Canada Cautionary Note Regar ding Forwar dlooking Statements Such forwar dlooking infor mation involves risks uncertainties and other factors that could cause actual r esults perfor mance pr ospects and opportunities to dif fer materially fr om those expr essed or implied by such forwar dlooking infor mation see page 1 of the MDA For a detailed discussion of such risks and other factors see the Management s Discussion and Analysis MDA included in this Annual Report and the Company s most r ecent Annual Infor mation For m which is available on SEDAR All dollar amounts ar e expr essed in US dollars in this r eport except as otherwise indicated Infor mation is given as of December 31 2019 unless otherwise specified BUIL T FOR SUC CESS THE OKSUT GOLD PRO JEC T IN TURKEY PRODUCED FIRS T GOLD IN J ANU ARY OF 2020 CENTERRA S PRO VEN AND PROBABLE RESERVES ARE 111 MILLION OUNCES OF C ONT AINED GOLD AND 1589 MILLION POUNDS OF C ONT AINED C O PPER THE K UMT OR S TRA TEGIC A G REEMENT W AS C OMPLETED WITH THE K YRG YZ REPUBLIC GO VERNMENT IN A UGUS T 2019 C ORPORA TE HIGHLIGHTS 2019 actual gold pr oduction 783koz copper pr oduction 71Mlbs at AISC 1 of 708 per ounce 2020 estimated gold pr oduction 2 up to 820koz copper pr oduction 2 up to 90Mlbs AISC 1 of 820 to 870 per ounce 2019 cash pr ovided by operations 334 million Oksut construction 89 complete First gold pour achieved January 2020 Pr ogr essing two advanced stage gr owth pr ojects in Canada Announced dividend in rst quarter 2020 1 Allin sustaining costs per ounce sold AISC is a nonGAAP measur e discussed under NonGAAP Measur es in the Company s most r ecent MDA and News Release dated Mar ch 26 2020 2 Due to the rapidly evolving risks r elating to COVID19 this guidance will not r eflect the Company s estimates of its 2020 perfor mance if ther e ar e any further significant disruptions to any of its operations Readers ar e cautioned to car efully consider the risks identified in the Company s news r elease and management s discussion and analysis filed on Mar ch 26 2020 and the Company s most r ecently filed Annual Infor mation For m