February 2017 BMO Global Metals and Mining Conference Scott Perry - Chief Executive Officer TSX: CG www.centerragold.com
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February 2017
BMO Global Metals and Mining Conference
Scott Perry - Chief Executive Officer
TSX: CGwww.centerragold.com
Caution Regarding Forward-Looking InformationInformation contained in this presentation which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws. Suchforward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward lookinginformation. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking information. Theseforward-looking statements relate to, among other things, the Company’s expectations regarding funding all planned capital and operating expenditures of the Company for 2017 from cash, short-term investments and cashgenerated from the Mount Milligan mine; expectations regarding continued discussions with the Government of the Kyrgyz Republic to resolve all outstanding issues affecting the Kumtor Project in a manner that is fair to allstakeholders; the continuation of negotiations with the Mongolian Government on definitive agreements related to the Gatsuurt Project; the impact of continuous improvement projects at Mount Milligan, including improvements ongold and copper recovery rates; the timing for a new technical report on the Mount Milligan Project; timing for gold production from the Öksüt Project; ability to satisfy conditions precedents to access funds under the ÖksütFacility, including the receipt of the key pastureland permit; expected time frames for an arbitral decision on the Company’s application for partial award or in the alternative, interim relief; the expectation of applying for andreceiving the permit to discharge water from its tailings facility starting in the spring; plans to appeal to the Kyrgyz Republic Supreme Court any court decisions on the Kumtor environmental court claims (if needed); expectations ofthe resumption of the Kumtor environmental pollution claim in the Kyrgyz Republic court; timing for the closing of the sale of ATO; statements made under the heading, “2017 Outlook” including 2017 production, all-in sustainingcosts per ounce sold; 2017 exploration expenditures, 2017 capital expenditures, 2017 corporate administration and community investment expenses, 2017 depreciation, depletion and amortization expenses, expectations of ourhedging program, and 2017 tax expenses; planned mining activities in 2017; expectations regarding the continuation of the cash neutral basis of the Company’s molybdenum business unit; the expected time frame for the tailingsdam construction at the Kumtor mine.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitiveuncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward looking information. Factors that could cause actual results or events to differmaterially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic, Mongolia and Turkey;resource nationalism including the management of external stakeholder expectations; liquidity risks created by Centerra’s inability to access funds held at KGC; the impact of changes in, or to the more aggressive enforcement of,laws, regulations and government practices in the jurisdictions in which the Company operates including any delays or refusals to grant required permits and licenses, unjustified civil or criminal action against the Company, itsaffiliates or its current or former employees; risks that community activism may result in increased contributory demands or in business interruptions; the impact of any actions taken by the Kyrgyz Republic Government andParliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under the Kumtor Project Agreements; any impact on the purported cancellation of Kumtor’s land use rights at theKumtor Project pursuant to a court claim commenced by the Kyrgyz Republic GPO; the risks related to other outstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the potential impact onthe Kumtor Project of investigations by Kyrgyz Republic instrumentalities and movement restrictions on KGC employees and managers; the impact of changes to, the increased enforcement of, environmental laws and regulationsrelating to the Company’s operations; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian individuals and entities; potential defects of title in the Company’s propertiesthat are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the KyrgyzRepublic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra’s future exploration and development activities not being successful; Centerra not being able to replacemineral reserves; difficulties with Centerra’s joint venture partners; and aboriginal claims and consultative issues relating to the Company’s properties which are in proximity to First Nations communities; potential risks related tokidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold and copper prices, the use of provisionally-priced sales contracts for production at MountMilligan, reliance on a few key customers for the gold-copper concentrate at Mount Milligan, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they relyon, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from pursuing certain business activitiesor making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational mattersand geotechnical issues and the Company’s continued ability to successfully manage such matters, including: movement of the Davidov Glacier and the waste and ice movement at the Kumtor Project, the continued performance ofthe buttress; the occurrence of further ground movements at the Kumtor Project and mechanical availability; the ability of the Company to successfully ramp-up to design criteria of the secondary crusher at the Mt. Milligan Project;the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in themining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; the Company’s ability to obtain the necessary permits and authorizations to (among other things) raise the tailingsdam at the Kumtor Project to the required height; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collectiveagreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment and supplies given theremote location of some of the Company’s operating properties; reliance on a limited number of suppliers for certain consumables, equipment and components; illegal mining on the Company’s Mongolian properties; the Company’sability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; and risks associated with the conduct of jointventures/partnerships; the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources. See “Risk Factors” in the Company’sManagement’s Discussion and Analysis for the year ended December 31, 2016 and the 2015 Annual Information Form, both of which are available on SEDAR at www.sedar.com.
Furthermore, market price fluctuations in gold and copper, as well as increased capital or production costs or reduced recovery rates may render mineral reserves containing lower grades of mineralization uneconomic and mayultimately result in a restatement of reserves. The extent to which resources may ultimately be reclassified as proven or probable reserves is dependent upon the demonstration of their profitable recovery. Economic andtechnological factors which may change over time always influence the evaluation of reserves or resources. Centerra has not adjusted mineral resource figures in consideration of these risks and, therefore, Centerra can give noassurances that any mineral resource estimate will ultimately be reclassified as proven and probable reserves. There can be no assurances that forward-looking information and statements will prove to be accurate, as many factorsand future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by suchforward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not placeundue reliance on forward looking information. Forward-looking information is as of February 23, 2017. Centerra assumes no obligation to update or revise forward looking information to reflect changes in assumptions, changes incircumstances or any other events affecting such forward-looking information, except as required by applicable law. Except as otherwise noted herein, Gordon Reid, Professional Engineer and Centerra’s Vice President and ChiefOperating Officer, has reviewed and approved the scientific and technical information contained in this presentation. Mr. Reid is a Qualified Person within the meaning of NI 43-101. For more information, please refer to theproperties technical reports, which are available on SEDAR. All figures are in United States dollars unless otherwise stated.
2February 2017
1. 2017e AISC: Kumtor mine $836 to $925 / oz, Mt. Milligan $457 to $508 / oz. All-in sustaining costs per ounce sold is a non-GAAP measures and is discussed under “Non-GAAP Measures” in the Company’s news release Feb.23, 2017.2. As at December 31, 2016; Cash includes cash, cash equivalents, short-term investments (includes restricted cash of KGC).
Corporate Highlights
Internationally Diversified Gold Producer
Closed Thompson Creek Acquisition
Up to 795kozpa gold at AISC1 of $743 to $824 per ounce and 60M lbs of copper
Significant operational cash flow profile
Solid late-stage development pipeline
Projects drive +100% increase in gold production by 2020
Cash2 Position of US$409MM2
Trading at a discount to peers, potential rerating
Positive Retained Earnings of US$856MM2
February 2017 3
Profitably Growing to +1Moz’s Per Annum
0
1,000
Kumtor Mt Milligan Oksut Gatsuurt Greenstone Total
Oun
ces
(000
’s)
Consensus Asset NAV Breakdown
Centerra: Built For Success
Kyrgyzstan33%
Turkey11%Mongolia
10%
Canada46%
US0%
February 2017
4
Cash$542MM
Balance Sheet (US$)
Debt$475MM
(as of December 31, 2016)
Share Count
216.2 216.3 216.3 226.7 235.5 236.1 236.4 236.4 236.4 237.9
291.3
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
mill
ions
2016: Internally Funded Business (US$)
Retained Earnings Profile (US$)
0
400
800
1,200
1,600
2,000
0
200
400
600
800
1,000
1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Gol
d Pr
ice
(US$
/oz)
US$
Mill
ions
Retained Earnings Cumulative Dividends Gold Price
Unrestricted Cash
$160MM
1 Includes cash, cash equivalents, and short-term investments, (includes restricted cash of $248MM at KGC).2 TCM acquisition is shown net of cash received on completion of acquisition ($98MM), net proceeds from equity offering ($141MM), net proceeds from debt ($324MM).
542
237 8
74 318
111
23 409
200
300
400
500
600
700
800
900
2015 Cash KumtorCashflow
Mt MilliganCashflow
EBRD debtproceeds
TCMAcquisition
Other(Projects,G&A, etc)
ShareholderDividends
2016 Cash
US$
Mill
ions
2
Centerra: 2016 Corporate Update
1
February 2017
Restricted Cash$248MM
Operating Cash Flows
$371MM
Cash Flows Invested $223MM
Operating Cash Flows $334 MM
Cash Flows Invested $244 MM
170U/G miners
240U/G miners
240U/G miners
YE target of 4,000tpd
2015 Free Cash Flow Profile (US$)
2016 Free Cash Flow Profile (US$)
5
Cash Reserves1 Profile (US$)
0
400
800
1,200
1,600
2,000
0
200
400
600
800
1,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Gol
d Pr
ice
(US$
/oz)
US$
Mill
ions
Cumulative Dividends Cash Balance Gold Price1
Retained Earnings Profile (US$)
February 2017 1. Cash reserves and cash balance includes cash, cash equivalents and short-term investments, includes restricted cash at KGC.
0
400
800
1,200
1,600
2,000
0
200
400
600
800
1,000
1,200
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Gol
d Pr
ice
(US$
/oz)
US$
Mill
ions
Retained Earnings Cumulative Dividends Gold Price
Centerra: Robust Financial Margins in all Cycles
Kyrgyz Republic
33%
Turkey6%
Mongolia13%
Canada48%
Kyrgyzstan33%
Turkey11%Mongolia
10%
Canada46%
US0%
Producing70%
Development21%
Exploration9%
6
Kyrgyz Republic
32%
Turkey7%
Mongolia10%
Canada52%
Au reserves & resourcesAsset NAV breakdown
Consensus Asset NAV by geography
Consensus Asset NAV by stage
Source: Company filings and analyst estimates.(1) Resources are shown inclusive of reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
P+P reserves by geography
M+I resources (inclusive) by geography(1)
February 2017
Diversified Portfolio with Balanced Geopolitical Profile
Centerra: Significant Re-Rating Potential
7
Source: FactSet, available street research.(1) Consensus Price / Net Asset Value (“NAV”) is calculated as the share price for each respective company as at February 17, 2017 divided by the average research analyst estimate for that same company.
P/NAV is based on Centerra’s share price as of February 17, 2017 and the average analyst NAV per share estimate for Centerra as at the same date.
Analyst Consensus Price / NAV(1)
February 2017
1.5x
1.2x
1.1x1.0x 1.0x 1.0x 1.0x 1.0x 0.9x
0.8x 0.8x 0.8x
B2G
old
Acac
ia M
inin
g
Alam
os G
old
Silv
er S
tand
ard
New
Gol
d
SEM
AFO
IAM
GO
LD
Kinr
oss
Gol
d
Taho
e R
esou
rces
Yam
ana
Gol
d
Det
our
Gol
d
Cent
erra
Median: 1.0x
5% 7% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Centerra vs Intermediate Gold Peers Median Analyst Discount Rate
5%
860
692
640
500
600
700
800
900
Original Revised Actual
Reduced All-In Sustaining Cost Per Ounce Guidance (US$/oz) - Mid Point
515,000
540,000 550,960
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
Original Revised Actual
Increased Gold Production Guidance - Mid-Point, Actual
February 2017 8
2016 GUIDANCE vs ACTUAL: GROWING PRODUCTION AND DECLINING COSTS
Production increase: up to 7%; Costs decline: up to 26%;
2016 Gold Production exceeds mid-point of revised guidance, AISC lower than mid-point of
revised guidance
2016 Kumtor Guidance Highlights
Centerra: Operational Excellence
(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MDA and news release of February 23, 2017.
9
2016 2017E Guidance
Gold Production (koz) 205 260-290
Copper Production (MMlbs) 59 55-65
All-In Sustaining Costs (US$/oz)(1) NA $457-$508
Remaining reserve life (years) +20 years
Gold Copper
P&P Reserves(2) 5.8Moz 2,049Mlbs
Grade 0.4g/t 0.187%
Royal Gold stream 35% @ US$435/oz
18.75% @ 15% of spot Cu price
20 years of production from existing P&P reserves(2)
5.8M gold reserve ounces(2)
Low cost, long life production
Stable, mining-friendly jurisdiction
Restructured stream provides additional gold upside
February 2017
Mount Milligan: Long Life, Low Cost Gold Copper Mine
Significant Open Pit Gold and Copper ProductionSignificant Open Pit Gold and Copper Production
218
275
59
71
60205
0
10
20
30
40
50
60
70
80
0
50
100
150
200
250
300
2015 2016 2017E 2015 2016 2017ECOPPER
Copp
er M
lbs
Gold ou
nces
GOLD(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MDA and news release February 23, 2017.(2) Refer to February 23, 2017 mineral reserves and resources news release.
170U/G miners
207U/G miners
240U/G miners
240U/G miners
2015 2016 2017E
Gold Production (koz) 521 551 455-505
Adjusted Operating Costs ($/oz) (1) $326 $342 $359-$397
All-In Sustaining Costs ($/oz) (1) $758 $640 $836-$925
Sustaining Capital ($MM)(1) $51 $61 $68
Growth Capital ($MM)(1) $14 $15 $28
Projected Asset Life (years) +9
Reserves (Moz) 5.1
Au Grade (g/t) 2.5
Resources M&I (Moz) 2.6
Au Grade (g/t) 2.8
World Class Cornerstone Asset Significant Open Pit Gold Production to 2026
YE target of 4,000tpd
20 years of uninterrupted profitable production
Over 10.9M ounces produced since 1997
More than 5M ounces remaining in open pit reserves
Low cost, long life production
High-grade underground opportunity
Strong stable platform to grow Centerra
10February 2017
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
200,000
350,000
500,000
650,000
2014 2015 2016 2017 2018 2019 2020 2021 2022
grade g/t
Oun
ces
Kumtor: World Class Open Pit Gold Mine
(1) Non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MDA and news release February 23, 2017.
11
Mine Type Open Pit, Heap Leach
Avg. LOM Annual Production 110koz Au
Avg. LOM AISC(1) (US$/oz) $490
Reserve Mine Life 8 years
Development Capex (US$MM) $221
P&P Reserves(2)(Moz) 1.2
Au grade (g/t) 1.40
Life of Mine Recovery 77%
Life of Mine Strip Ratio (w:o) 2:1
First Gold Pour Mid-2018
IRR (after tax) 43%
NPV(8%) - after tax (US$MM) >$240
2015 Feasibility Highlights
EIA approval received in November 2015
Forestry Permit Approved and Received July 2016
Major construction expected in 2017
2 stage crushing, stack at 11,000 tpd
Bought back Stratex and Teck royalties
US$150MM low-cost +5-year financing in-place
Significant exploration potential
Projected Near-Term Gold Production (2015 Study)
0.00
0.50
1.00
1.50
2.00
2.50
0
50
100
150
200
250
2016 2017 2018 2019 2020 2021 2022 2023 2024
Proc
ess
Gra
de (
g/to
nne)
Gol
d Pr
oduc
tion
(000
's)
Catalyst Schedule
Öksüt Gold Project
(1) Non-GAAP measure see “Non-GAAP Measures in the MDA and news release of February 23, 2017.(2) Company filings. Technical Report on the Öksüt Gold Project dated September 3, 2015.
0 +1 +2 +3 +4 +5 +6 +7 +8Years:
February 2017
Öksüt: Funded High Margin Gold Production
12
Highlights
Boroo mill on care & maintenance awaiting Gatsuurt approval
Gatsuurt declared strategic January 2015
3% royalty (versus 34% ownership) approved by government
Investment development agreement negotiations underway
Potential production 12-18 months after approval
P&P Reserves(1) of 1.6M contained ounces of gold @ 2.9 g/tonne
Strip ratio of 6:1 and process recoveries in excess of 76%
Significant exploration upside
In-Place 5ktpd Processing Facility (Boroo)Boroo’s Historical Cumulative Net Cash Generation (US$MM)
(100)
0
100
200
300
400
500
600
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
(1) See mineral reserves news release February 23, 2017.
The Gatsuurt Project is ~90 km north of Ulaan Baatar
February 2017
Gatsuurt: Gold Development Project
13
Cornerstone Canadian Development Project
50:50 development partnership with Premier Gold
Open pit reserves(1) (100%) 4.7Moz Au @ 1.02 g/t
Historic gold production of 4.12M oz (~1934-1970)
Large land package covers 337km2, good infrastructure
Significant exploration and underground resource potential
Ontario: Top Tier Mining Jurisdiction
Greenstone GoldProperty Greenstone Development Project
Location: Ontario, Canada
February 2017
2016 Feasibility Highlights (100%)
Mine Type Open Pit, CIP Mill
Mill Throughput design 27,000 tpd
Avg. LOM Annual Production 288koz Au
Avg. LOM AISC(2) (US$/oz) $600
Reserve Mine Life 14.5 years
Development Capex (US$MM) $962
Sustaining Capital(2) (US$MM) $101
P&P Reserves(1)(Moz) 4.7
Au grade (g/t) 1.02
Life of Mine Recovery 90%
Life of Mine Strip Ratio (w:o) 3.87:1
IRR (after tax) 14.4%
NPV(5%) - after tax (US$MM) $545
Projected Gold Production (100%)
Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines
(1) Technical Report on the Hardrock Project dated December 21, 2016. (2) Non-GAAP measure, see “Non-GAAP measures” in MDA and news release Feb. 23, 2017.
Potential Upside Optionality: Molybdenum
14
Molybdenum business
Well-established molybdenum business
Consists of the Langeloth Metallurgical Facility and two mines: Thompson Creek Mine and Endako
Langeloth can produce a suite of premium molybdenum products that raise the average realized price
Significant defined resources and infrastructure in place
Ability to be one of the first movers upon moly market recovery
Lower cost to restart production compared to greenfield project
Molybdenum business well positioned to recover once market conditions and pricing improve
Thompson Creek Mine
Endako Mine
● Located in Idaho, is the world’s fourth largest open-pit primary
molybdenum mine
● Operations began in 1983, using conventional open-pit mining and a on-
site 25,500 tpd mill
● In December, 2014 placed on care and maintenance
● Endako Mine is a fully integrated molybdenum facility located in BC
● TCM is the operator and 75% owner; Sojitz owns 25%
● Endako consists of three adjoined pits and a fully integrated operation
with on-site mill and multiple hearth roasting facility
● New mill processing facility that was completed in 2012 for ~US$500MM
● In July 2015 placed on care and maintenance
Langeloth Metallurgical Facility
● Located 40 km west of Pittsburgh, Pennsylvania
● Operates both as a toll processor and as a purchaser of molybdenum
concentrates from third parties
● Cash flows from the Langeloth operations are expected to cover care and
maintenance expenses associated with the molybdenum mines for 2016
Historical Molybdenum Segment EBITDA(1)
$444
$126
$269 $265
$18
$126 $124
($21)
2008 2009 2010 2011 2012 2013 2014 2015
(US$MM)
(1) Prior to intersegment eliminations. Historical EBITDA not reported, therefore calculated based on historical segment disclosure.
February 2017
2,600
1,140
875 865
755
575 570 540
415 405 400 383
287 225
KinrossGold
YamanaGold
AcaciaMining
IAMGOLD NewCenterra
DetourGold
B2Gold PriorCenterra
AlamosGold
New Gold TahoeResources
EldoradoGold
SilverStandard
SEMAFO
15
Source: Company filings, FactSet, Available street research.(1) Guidance based on the midpoint of the guidance range.(2) Silver Standard gold guidance is from Marigold and Seabee.(3) Silver Standard AISC based on broker estimates as guidance estimates not provided.(4) Latest available as at February 17, 2017.
P+P Gold Reserves (Moz)(4)
2017 Gold production guidance (Koz)(1) 2017 All-in sustaining costs (US$/oz)(1)
(2)
February 2017
744 785 815 845 860
900 910 940 955 965 975 1,040
1,075
1,200
PriorCenterra
NewCenterra
SEMAFO New Gold EldoradoGold
AcaciaMining
YamanaGold
AlamosGold
B2Gold SilverStandard
KinrossGold
IAMGOLD DetourGold
TahoeResources
31
21
17 16 1615
8 8 76
43 3
Kinross Gold Eldorado Gold Yamana Gold Centerra Detour Gold New Gold IAMGOLD Acacia Mining B2Gold Alamos Gold Tahoe Resources SEMAFO Silver Standard
(3)
Centerra: Strong Low-cost Operating Platform
Kumtor: World Class Open Pit Gold Mine
Öksüt: High Margin Open Pit Heap Leach Gold Mine
Gatsuurt: Open Pit Gold Mine with established infrastructure
Cornerstone asset underpinning the Company’s growing production portfolio
Long life, low cost asset generating significant positive cash flow
Funded, late-stage gold development project
Near-term high margin gold production
Investment agreement negotiations underway; anticipated production ~12-18 months after approval
Surface processing infrastructure in-place
16
Mount Milligan: Long Life, Low Cost Open Pit Gold-Copper Mine in British Columbia
Large scale, low cost mine that recently ramped-up; expected to generate significant free cash flow
Amended gold stream positions Mount Milligan as a premier gold asset
Greenstone: Large Scale Open Pit Gold project
One of Canada’s largest undeveloped open pit gold deposits
Bankable feasibility study completed and mine permitting work underway
Pro
duci
ngD
evel
opm
ent
February 2017
The New Centerra: Built For Success
TSX: CGwww.centerragold.com
Appendices
Q4 & 2016 Corporate Update
18
Safety – Continue to roll out “Work Safe : Home Safe” Program Across the Company
Strong Gold Production of 598,677 Ounces, including 550,960 Ounces at Kumtor
2016 All-In Sustaining Cost1 of $682 Per Ounce, Kumtor achieved $640 Per Ounce, both lower than revised guidance
2016 Net Earnings of $151.5 Million ($0.60 Cents Per Share, basic), including Q4 Net Earnings of $63.6 Million ($0.23 Cents Per Share, basic)
Cash Flow From Operations of $371.4 Million ($1.48 Cents Per Share, basic)
Kumtor Generated $237 Million and Mount Milligan Generated $8 Million Cash
December 31, 2016 Cash2 Position of $409 Million2
Closed Acquisition of Thompson Creek Metals
Entered into New US$325 Million 5-year Credit Agreement to Finance Acquisition
1. All-in sustaining costs per ounce sold is a non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A December 31, 2016 and news release February 23, 2017.2. Includes cash, cash equivalents and short-term investments, including restricted cash at December 31, 2016.
February 2017
Financial Highlights1
19
(in thousands, except ounces, per share amounts, and average realized price3)
Quarter Ended
Dec.31, 2016
Quarter Ended
Dec.31, 2015
Year EndedDec.31,
2016
Year EndedDec.31,
2015
Revenue(2) $305,723 $148,332 $760,758 $623,950
Total gold ounces sold(3) 225,996 135,064 580,496 536,842
Total copper pounds sold(3) (000’s) 10,399 - 10,399 -
Operating cash flow $170,397 $47,534 $371,444 $333,566
Operating cash flow per share, basic $0.60 $0.20 $1.48 $1.41
Net earnings (loss) $63,628 ($2,877) $151,538 $41,629
Earnings (loss) per share, basic $0.23 ($0.01) $0.60 $0.18
Average realized gold price per ounce(3)(4) $1,154 $1,098 $1,233 $1,1621. U.S. dollars2. For the three months and year ended December 31, 2016 consolidated revenue excludes any revenue from Boroo and includes results from Thompson Creek operations on a 100%
basis beginning October 20, 2016 with no comparative results included in both periods of 2015.3. 2016 numbers for gold ounces sold exclude any sales from the Boroo mine and includes gold and copper sales on a 100% basis from Mt. Milligan beginning October 20, 2016 with no
comparative results included in 2015.4. Average realized gold price per ounce is a non-GAAP measure and is discussed under “Non-GAAP Measures” in the Company’s MD&A and News Release February 23, 2017.
February 2017
Mineral Reserves - Proven & Probable
Proven and Probable Gold Mineral Reserves Increase to 16 million ounces
Proven and Probable Copper Mineral Reserves are 2,049 million pounds
Copper Mineral Reserves
Proven Probable Total Proven and Probable
Property Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs) (kt) (%) Copper (Mlbs)
Mt Milligan 256,847 0.187 1,059 239,362 0.188 991 496,209 0.187 2,049
February 2017 20See Mineral Reserves and Resources News Release February 23, 2017.
Centerra: 2017 Guidance
21
2017 Gold Production 2017 Copper Production2017 All-in Sustaining Costs on a By-product
basis1
(ounces) (millions pounds) (per ounce sold)
Kumtor Mine 455,000 – 505,000 - $836 – $925
Mount Milligan 260,000 – 290,000 55 – 65 $457 – $508
Centerra 715,000 – 795,000 55 – 65 $743-$824
Projects 2017 Sustaining Capital1 2017 Growth Capital1
(millions) (millions)
Kumtor Mine $68 $28
Mount Milligan Mine $26 -
Öksüt Project - $11
Mongolia/Gatsuurt Project - $5
Greenstone Property2 - $8
Corporate and other $2 -
Consolidated Total $96 $52
1 Non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release dated February 23, 2017.
2 Greenstone growth capital includes capitalized amounts for Premier’s 50% share of the Greenstone costs funded in full by Centerra.
February 2017
1 Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar results in decreased costs and increased cash flow and earnings.
2 All-in sustaining costs per ounce sold (“AISC”) on a by-product basis is a non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s news release February 23, 2017.
3 The Company has recalculated the sensitivities for its revenues, earnings and cash flows for 2017 to copper price changes following a commencement in the first quarter of 2017 of a program to mitigate copper price risk by purchasing fixed price forward sales contracts and zero-cost collar.
2017 Guidance: Sensitivities
22
Material Assumptions and RisksMaterial assumptions or factors used to forecast production and costs for 2017 include the following:• a gold price of $1,200 per ounce,• a copper price of $2.50 per pound,• a molybdenum price of $7.35 per pound,• exchange rates:
• $1USD:$1.32 CAD,• $1USD:67.0 Kyrgyz som,• $1USD:0.90 Euro,
• diesel fuel price assumption: • $0.50/litre at Kumtor,• $0.65/litre at Mount Milligan.February 2017
Change
Impact on Impact on ($ millions) ($ per ounce sold)
Costs Revenues Cash flows Net Earnings (after tax)
AISC(2) on by-product basis
Gold Price $50/oz 3.4 - 3.8 31.2 – 34.7 27.7 - 30.7 27.7 - 30.7 1.0 Copper Price(3) 10% 0.1 - 0.2 4.6 – 6.7 4.5 – 6.6 4.5 – 6.6 6.3 – 8.3Diesel Fuel 10% 3.5 - 8.3 3.5 10.4 – 11.6Kyrgyz som(1) 1 som 0.9 - 1.4 0.9 1.8 – 2.0Canadian dollar(1) 10 cents 21.0 - 22.7 21.0 28.5 – 31.7
Greenstone: One of Canada’s Largest Undeveloped Open Pit Gold Mines
23
Cornerstone Canadian Development Project
50:50 development partnership with Premier Gold
Open pit reserves(1) (100%) 4.7Moz Au @ 1.02 g/t
Historic gold production of 4.12M oz (~1934-1970)
Large land package covers 337km2, good infrastructure
Significant exploration and underground resource potential
Bankable feasibility study completed in November 2016
Ontario: Top Tier Mining Jurisdiction
Greenstone GoldProperty Greenstone Development Project
Location: Ontario, Canada
Geraldton
Beardmore
JellicoeBrookbank
HardrockViper
11
Beardmore – Geraldton Greenstone Belt +110 km
Brookbank Deposit
Hardrock Deposit
February 2017 (1) Technical Report on the Hardrock Project dated December 21, 2016.
Industry Experience Background
20 years• Appointed Chief Executive Officer in November, 2015
• Former Chief Executive Officer at AuRico Gold
25 years • Appointed President in November, 2015
• Joined Centerra in 2004
30 years• Appointed Chief Operating Officer in January, 2013
• Joined Centerra in 2004
18 years• Appointed Chief Financial Officer in April, 2016
• Joined Centerra in 2013
SCOTT PERRYChief Executive Officer
FRANK HERBERTPresident
GORDON REIDChief Operating Officer
Centerra: Senior Management
DARREN MILLMANChief Financial Officer
24February 2017
Board of Directors Background
STEPHEN A. LANG Chairman Appointed Director of Centerra’s Board, June 2008
BRUCE V. WALTER Vice Chair Appointed Director of Centerra’s Board, May 2008
SCOTT G. PERRY Director Appointed Director of Centerra’s Board, January 2016
RICHARD W. CONNOR Director Appointed Director of Centerra’s Board, June 2012
RAPHAEL A. GIRARD Director Appointed Director of Centerra’s Board, August 2010
EDUARD KUBATOV Director Appointed Director of Centerra’s Board, March 2016
NURLAN KYSHTOBAEV Director Appointed Director of Centerra’s Board, May 2016
MICHAEL S. PARRETT Director Appointed Director of Centerra’s Board, May 2014
JACQUES PERRON Director Appointed Director of Centerra’s Board, October 2016
SHERYL K. PRESSLER Director Appointed Director of Centerra’s Board, May 2008
TERRY V. ROGERS Director Appointed Director of Centerra’s Board, February 2003
BEKTUR SAGYNOV Director Appointed Director of Centerra’s Board, March 2016
Centerra: Directors
25February 2017
TSX: CGwww.centerragold.com
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