CENTERRA GOLD INC Annual Report 2019 BUIL T FOR SUC CESS WE HA VE A S TRONG BALANCE SHEET WITH POSITIVE RET AINED EARNINGS REVENUE INCREASED T O 1375 MILLION IN 2019 FROM 1129 MILLION IN THE C OMP ARA TIVE PERIOD AS A RESUL T OF 10 MORE GOLD OUNCES SOLD AND A CHIEVING 11 HIGHER A VERA GE REALIZED GOLD PRICE IN 2019 DURING THE YEAR OUR OPERA TING MINES OUTPERFORMED EXPEC T A TIONS 2020 3 ESTIMA TED GOLD PRODUCTION IS UP T O 820K O Z C OPPER PRODUC TION UP T O 90MLBS AISC 1 OF 820 T O 870 PER OUNCE IN 2019 WE EX CEEDED OUR 2019 GOLD PRODUC TION GUID ANCE PRODUCING 783309 OUNCES OF GOLD AND MET OUR C OPPER PRODUC TION GUID ANCE PRODUCING 71 MILLION POUNDS OF C OPPER CENTERRA S POR TFOLIO OF OPERA TIONS IS GENERA TING SOLID C ASH FL OWS BASED ON THE PLANNED PRODUC TION OF OUR MINES AND THE OPPOR TUNITIES THA T EXIS T T O EXTEND THEIR LIVES WE EXPEC T T O BE ABLE T O C ONTINUE TO PRODUCE S TRONG C ASH FL OWS FROM THESE SOURCES FOR YEARS T O C OME OUR BALANCE SHEET IS S TRONG WITH 35 MILLION DEBT NET OF C ASH AND 615 MILLION LIQUIDITY AS A T DECEMBER 31 2019 GOLD MINERAL RESERVES 2 as at December 31 Millions of contained ounces of gold GOLD PRODUC TION Thousands of ounces ALL IN SUS T AINING CO S T S 1 per ounce sold GOLD PRODUC TION RET AINED EARNINGS PROFILE PROFIT ABL Y GROWING GOLD PRODUC TION 1 Allin sustaining costs on a bypr oduct basis per ounce sold is a nonGAAP measur e and is discussed under NonGAAP Measur es in the Management s Discussion and Analysis accompanying this Annual Report 2 For further information r egar ding gold mineral r e serves grades and quantities see the Company s news r elease dated Mar ch 26 2020 3 Due to the rapidly evolving risks r e lating to COVID19 this guidance will not r eflect the Company s estimates of its 2020 p erformance if ther e ar e any further significant disruptions to any of its operations Readers ar e cautioned to car efully consider the risk s 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 e cently filed Annual Information Form 0 2 00 400 600 800 1 000 1 200 1 400 1 6 00 19 1 8 17 16 15 14 1 3 12 11 10 09 08 0 7 0 6 05 0 4 US million s Ret ai n e d E arn in g s Cu mu l ative Divi d en d s Go ld P r ice 0 400 800 1 200 1 600 2000 Gold price US o z 0 200 400 600 800 1 000 20 E 19 18 17 16 Gold pr od uc t i on k o z K um t o r M oun t Mi ll ig a n O ks u t 0 1 000 2000 T otal Oun c e s 0 0 0 s K umtor Gr eenstone K emess U G O ks u t Mount Milligan O p e r atio n s D eve l op m e n t 19 18 17 16 15 8 4 16 0 16 3 14 2 11 1 19 18 17 16 15 53 7 59 9 78 5 73 0 78 3 19 18 17 16 15 81 4 68 2 68 7 75 4 70 8 3