Centerra Gold Announces 2020 Year-End Mineral Reserves and Resources, Kumtor Technical Report and Fourth Quarter Exploration Update

This information launch accommodates forward-looking info that’s topic to danger components and assumptions set out within the Cautionary Observe Concerning Ahead-looking Info on web page 22. All figures are in United States {dollars} except in any other case said.

TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra”) (TSX: CG) at the moment introduced its 2020 year-end estimates for mineral reserves and mineral sources, together with vital new mineral reserves on the Kumtor Mine, and a brand new NI 43-101 technical report for the Kumtor Mine. 2020 year-end mineral reserves have been estimated based mostly on a gold value of $1,350 per ounce for the Kumtor Mine and based mostly on an estimated gold value of $1,250 per ounce and a copper value of $3.00 per pound for the Mount Milligan Mine and Öksüt Mine.

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Kumtor Technical Report Highlights:

• Confirmed and possible gold mineral reserves elevated by 3.1 million contained ounces to six.3 million contained ounces (73.3 million tonnes (Mt) at 2.66 g/t gold), as of July 1, 2020.
• Mine life was prolonged 5 years, extending open pit mining to 2028 and milling operations to 2031.
• From 2022 to 2026, annual gold manufacturing is anticipated to common 590,000 ounces per 12 months.
• Lifetime of mine gold manufacturing of 5.6 million ounces at an all-in sustaining price on a by-product foundation¹ of $828 per ounce.
• Lifetime of mine all-in price on a by-product foundation¹ of $1,044 per ounce.
• Important close to floor and underground exploration potential exists to additional prolong mine life together with oxide gold mineralization found in broad zones alongside the Kumtor pattern.
• Web money circulation over the lifetime of mine is estimated at $1.96 billion utilizing a gold value of $1,350 per ounce.
• Kumtor’s after-tax web current worth (NPV) is estimated at $1.6 billion at a 5% low cost price utilizing a gold value of $1,350 per ounce.

Centerra Mineral Reserves and Sources Highlights as of December 31, 2020:

• Centerra’s total confirmed and possible gold mineral reserves whole 11.2 million ounces of contained gold (375 Mt at 0.93 g/t gold), a rise of 79,000 ounces of contained gold. The rise is primarily the results of the Kumtor mineral useful resource and reserves replace (Kumtor NI 43-101 Technical Report revealed on February 24, 2021, with an efficient date of July 1, 2020) and the related improve in mineral reserves offset by the company-wide 2020 annual gold manufacturing and the divestment of the Greenstone property (Hardrock Mission), introduced on December 15, 2020.
• Centerra’s total measured and indicated gold mineral sources decreased by 5.4 million ounces to 7.9 million ounces of contained gold (513 Mt at 0.48 g/t gold), unique of gold mineral reserves resulting from conversion of mineral sources into mineral reserves at Kumtor based mostly on the 2021 Kumtor Technical Report, and the disposition of the Greenstone property as of December 2020.
• Centerra’s confirmed and possible copper mineral reserves decreased by 122 million kilos to 1,467 million kilos of contained copper (278 Mt at 0.24% copper) on account of 2020 mineral reserves depletion offset by a constructive reconciliation throughout the 12 months.
• Centerra’s measured and indicated copper mineral sources, unique of mineral reserves, decreased by 3 million kilos to five,329 million kilos of contained copper (873 Mt at 0.21% copper).

Kumtor Technical Report Replace Abstract
The Firm has revealed at the moment an up to date technical report for the Kumtor Mine (the “2021 Kumtor Technical Report”) which gives an replace of the 2015 technical report and consists of amongst different issues, updates to the next gadgets: interpretation of mineralized zones, useful resource fashions for each the Central Pit and the Southwest/Sarytor Pits based mostly on intensive in-fill and enlargement drilling throughout the Central Pit, gold value assumption, pit slope angles, capital and working price estimates and metallurgical restoration estimates based mostly on course of plant enhancements. All of those components have resulted in up to date final pit designs and mining-processing schedule and an up to date mineral useful resource and mineral reserve estimate. The technical report was ready in accordance with Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks (“NI 43-101”) and filed on SEDAR on February 24, 2021 with an efficient date of July 1, 2020.

The 2021 Kumtor Technical Report exhibits that, as at July 1, 2020, the Kumtor deposit accommodates a mixed measured and indicated mineral useful resource (unique of mineral reserves) of 25.5 million tonnes (Mt) at 2.78g/t gold (Au) containing 2.3 million ounces (oz) of gold; an inferred open pit mineral useful resource of 20.9 Mt at 1.97g/t Au containing 1.3 million oz; and an inferred underground pit mineral useful resource of 13.1 Mt at 7.46g/t Au containing 3.1 million oz. The mineral useful resource throughout the 2020 useful resource pit shell was based mostly on a cut-off grade of 0.85g/t Au for the Central Pit and 1.0g/t Au for the Sarytor advert Southwest Deposits and used a $1,550/ozgold value assumption.

Kumtor Mine Mineral Useful resource Assertion, Unique of Mineral Reserves,
Efficient July 1, 2020

As at July 1, 2020, the 2021 Kumtor Technical Report exhibits that, the Kumtor deposit accommodates confirmed and possible mineral reserves totalling 73.3 Mt at 2.66g/t Au containing 6.28 million ounces of gold. The open pit mineral reserve was based mostly on a cut-off grade of 0.85g/t Au for the Central Pit and 1.0g/t Au for the Sarytor and Southwest Deposits and used a $1,350/ozgold value assumption.

As at December 31, 2020, Kumtor’s confirmed and possible gold mineral reserves whole an estimated 6.01 million ounces of contained gold (70.3 Mt at 2.66 g/t gold), in comparison with 3.21 million contained ounces (43.3 Mt at 2.31 g/t gold) as of December 31, 2019. Throughout 2020, confirmed and possible gold mineral reserves elevated by 2.8 million contained ounces, after accounting for processing of 665,000 contained ounces.

Kumtor Mine Mineral Reserves Assertion, Efficient December 31, 2020

Important exploration potential exists within the Kumtor District and alongside the Kumtor Gold Pattern exterior of the recognized Central, Southwest, Sarytor and Northeast Deposits, linked primarily to untested areas between the deposits and inferred extensions of gold mineralization alongside strike to the southwest and northeast. In late 2019, broad zones of oxide gold mineralization have been found alongside the Kumtor Pattern (from southwest to northeast) on the northwest periphery of the Sarytor, Southwest, Central and Northeast Deposits. In 2020, substantial exploration drilling was carried out alongside the pattern to additional outline the oxide gold mineralization potential. This work returned vital widths of oxide gold mineralization, significantly from the Hope, Muzdusuu and Deep Oxide Zones. Preliminary metallurgical check work (bottle roll assessments) and associated petrologic research have been carried out on oxide gold materials since late 2019. Outcomes of this check work point out 80-90% restoration of gold within the oxide materials. Extra detailed metallurgical check work on bulk samples of oxide materials, together with column leach assessments, is deliberate to be undertaken in 2021. Preliminary useful resource estimations are anticipated to start for the Hope and Muzdusuu Zones by the tip of 2021.

Throughout 2021, gold manufacturing is anticipated to be decrease than the LOM common as nearly all of the 12 months shall be mining waste to entry the higher-grade materials within the second half of the 12 months. Complete capital expenditures are anticipated to be roughly $125 million (mid-point of 2021 steerage) because the mine invests in a further 18 mining haul vehicles, of which eight of the haul truck purchases have been deferred to 2022, on high of the 11 new haul vehicles bought in 2020. Complete capitalized stripping expenditures shall be elevated in 2021 to roughly $216 million, nonetheless at a gold value of $1,750 per ounce the mine is anticipated to generate roughly $170 million of web money circulation (non-GAAP measure). The funding in 2021 is anticipated to ship constant annual gold manufacturing averaging roughly 590,000 ounces for the interval 2022 to 2026.

Complete working and capital prices over Kumtor’s 11-year lifetime of mine (LOM) are estimated at $4,517 million, together with $2,366 million for mining prices which incorporates $1,552 million of capital stripping, $868 million for processing prices, $602 million for administrative (G&A) prices and whole capital expenditures are estimated at $681 million excluding capital stripping.

Complete capital expenditures required to develop the brand new LOM at Kumtor excluding capital stripping are estimated to be $681 million ($140 million development capital and $541 million sustaining capital) associated to capital tools and element replacements, deliberate enhancements to the processing plant and tools, tailings dam raises to fulfill an elevated tailings storage capability requirement, website infrastructure relocations, and open pit wall stabilization actions together with dewatering actions.

The capital price estimate assumes funding in and alternative of the heavy-duty cellular fleet, together with funding in a further twenty-nine haul vehicles, 5 dozers, four-wheel dozers, 4 shovels, two excavators, and two loaders.

Main element rebuilds of the cellular fleet have been estimated based mostly on anticipated working hours per element. Kumtor Mine practices intensive cellular tools element alternative to attenuate future cellular tools alternative necessities.

The tailings dam is anticipated to be raised from the three,677.5-metre elevation to the three,682.0-metre elevation with an added capability of roughly 15 million cubic metres for elevated LOM manufacturing.

The deliberate enhancements to the processing plant embody the addition of two tower mills previous to the expanded leach circuit. It will improve the general retention time of the leach circuit to 12 hours and is estimated to yield a median improve in metallurgical restoration of two% all through the LOM. This metallurgical restoration enchancment is mirrored within the lifetime of mine financial evaluation throughout the second half of 2021.

The all-in sustaining price on a by-product foundation¹, which incorporates sustaining capital and capital stripping however excludes revenue-based taxes, averages $828 per ounce of gold for the interval from 2020 to the estimated finish of mine life in 2031. All-in sustaining price on a by-product foundation, is a non-GAAP monetary efficiency measure; please check with the Firm’s Information Launch and MD&A dated February 24, 2021.

Utilizing a gold value of $1,350 per ounce, silver value of $17.00 per ounce and trade price of 70KGS/US$, as assumed for the mineral reserve estimation course of, the web money circulation for the Kumtor Mine from 2020 to the tip of 2031 is estimated to be $1,961 million. The after-tax web current worth (“NPV”) at a reduction price of 5% is estimated to be $1,552 million.

Estimated Money Movement Abstract

Observe: 2020 gold value is the common of precise realized value for the primary and second quarters of 2020 and $1,350 per ounce for the third and fourth quarters of 2020. Precise free money circulation¹ realized in 2020 was $438 million at a median realized gold value of $1,725 per ounce.

Sensitivity of NPV to the Influence of Modifications in Gold Value

Sensitivity of NPV (5%) to the Influence of Change in Complete Working and Capital Value Estimates

Sensitivity of NPV to the Influence of Change in Change Price

Centerra 12 months-end Gold Mineral Reserves and Mineral Sources

Mineral Reserves
At December 31, 2020, confirmed and possible gold mineral reserves whole an estimated 11.2 million contained ounces (374.6 Mt at 0.93 g/t Au), in comparison with 11.1 million contained ounces (441.9 Mt at 0.78 g/t Au) within the prior 12 months. Throughout 2020, confirmed and possible gold mineral reserves elevated by 79,000 contained ounces, after processing of 1,084,000 contained ounces and the disposition of the Greenstone Property (together with the Hardrock Mission 2,324,000 contained ounces) as of December 2020. Additions in 2020 totaled 2,403,000 contained ounces after accounting for processing of 665,000 contained ounces at Kumtor, 264,000 contained ounces at Mount Milligan and 155,000 contained ounces at Öksüt.

Kumtor
On the Kumtor Mine, on the finish of December 2020, confirmed and possible gold mineral reserves whole an estimated 6.01 million ounces of contained gold (70.3 Mt at 2.66 g/t gold), in comparison with 3.21 million contained ounces (43.3 Mt at 2.31 g/t gold) as of December 31, 2019. Throughout 2020, confirmed and possible gold mineral reserves elevated by 2.8 million contained ounces, after accounting for processing of 665,000 contained ounces. The December 31, 2020 mineral reserves at Kumtor have been estimated by incorporating the up to date 2020 useful resource estimate. This consists of the up to date life-of-mine pit optimization and schedule.

Mount Milligan
On the Mount Milligan Mine, confirmed and possible gold mineral reserves whole an estimated 2.1 million ounces of contained gold (170.6 Mt at 0.39 g/t gold) as of December 31, 2020, in comparison with 2.4 million contained ounces gold (191.0 Mt at 0.39 g/t gold) as of December 31, 2019. For 2020, confirmed and possible gold mineral reserves decreased by 259,000 contained ounces of gold, together with the processing of 264,000 contained ounces of gold.

The 2020 manufacturing reconciliation recorded a constructive mine and mill reconciliation relative to the 2020 revealed Technical Report. Additional mannequin enhancements shall be carried out throughout the 2021.

Öksüt
On the Öksüt Mine, confirmed and possible gold mineral reserves whole an estimated 1.1 million ounces of contained gold (26.3 Mt at 1.34 g/t gold) at December 31, 2020, in comparison with the estimated 1.3 million ounces of contained gold (29.4 Mt at 1.35 g/t gold) as at December 31, 2019. Confirmed and possible gold mineral reserves decreased by 138,000 contained ounces resulting from depletion relative to December 31, 2019 reserves assertion. An up to date useful resource estimate based mostly on a brand new block mannequin was accomplished as of November 30, 2020 and a brand new mine plan with an up to date reserves assertion is anticipated to be accomplished by the tip of 2021.

Kemess
On the Kemess Property, the confirmed and possible gold mineral reserves for the Kemess Underground Mission are unchanged at an estimated 1.9 million contained ounces (107.4 Mt at 0.50 g/t gold) as at December 31, 2020.

Mineral Sources
Measured and indicated gold mineral sources, unique of gold mineral reserves, decreased by 5.4 million ounces of contained gold to 7.9 million ounces of contained gold (512.6 Mt at 0.48 g/t gold), in comparison with the December 31, 2019 estimate. The lower is a results of changing mineral sources into mineral reserves at Kumtor based mostly on the 2021 Technical Report, and the disposition of the Greenstone Property (a lower of 1.4 million contained ounces) as of December 2020.

Kumtor
At Kumtor, measured and indicated gold mineral sources decreased from December 31, 2019 to December 31, 2020 by 4.0 million contained ounces to 2.3 million contained ounces of gold (25.5 Mt at 2.78 g/t gold) because of the up to date lifetime of mine and conversion of the sources into reserves. Parameters used to constrain the useful resource and reserves pit shell are offered in updating the Kumtor life-of-mine plan within the 2021 Technical Report. The 2019 mineral useful resource estimate for Kumtor relies on an up to date interpretation of mineralized zones and modeling parameters efficient as of January 31, 2020. The up to date useful resource estimate consists of up to date useful resource fashions for each the Central Pit and SW/Sarytor Pit.

Mount Milligan
On the Mount Milligan Mine, measured and indicated sources decreased from December 31, 2019 to December 31, 2020 by 12,000 contained ounces of gold offset by the constructive reconciliation and stockpile adjustment of 120,000 contained ounces of gold. Measured and indicated gold sources now whole 1.4 million ounces of contained gold (125.1 Mt at 0.35 g/t gold).

Öksüt
On the Öksüt Mine, measured and indicated gold sources elevated from December 31, 2019 to December 31, 2020 by 18,000 contained ounces attributable an up to date useful resource estimate as of November 30, 2020, offset by processing 155,000 contained ounces of gold throughout 2020.

Kemess
On the Kemess Underground and Kemess East initiatives, measured and indicated gold sources are unchanged on December 31, 2020 in comparison with December 31, 2019, totaling 4.0 million ounces of contained gold (351.2 Mt at 0.36 g/t gold).

Inferred Gold Mineral Sources
The Firm’s inferred gold mineral useful resource estimate totals 5.4 million contained ounces of gold (119.9 Mt at 1.39 g/t gold), a lower of 1.3 million contained ounces as at December 31, 2020 in comparison with December 31, 2019. The lower is primarily a results of the disposition of the Greenstone Property (together with the Hardrock Mission) a lower of 1.3 million contained ounces.

Inferred mineral sources have a large amount of uncertainty as to their existence and as as to if they are often mined economically. It can’t be assumed that every one or a part of the inferred mineral sources will ever be upgraded to a better class.

Centerra 12 months-end Copper Mineral Reserves and Mineral Sources

Mineral Reserves
Confirmed and possible copper mineral reserves whole an estimated 1,467 million kilos of contained copper (278 Mt at 0.24% copper). The copper mineral reserves have been estimated based mostly on a copper value of $3.00 per pound for the Mount Milligan Mine and the Kemess Underground Mission.

Mount Milligan
On the Mount Milligan Mine, confirmed and possible copper mineral reserves whole an estimated 837 million kilos of contained copper (170 Mt at 0.22% copper) as at December 31, 2020 in comparison with 959 million kilos of contained copper (191 Mt 0.23% copper) as of December 31, 2019. Confirmed and possible copper mineral reserves decreased by 121 million contained kilos of copper, after processing 112 million contained kilos of copper in 2020. The December 31, 2020 mineral reserves stock displays the 2020 Mount Milligan copper manufacturing and the related depletion.

Kemess
The Kemess Underground Mission’s confirmed and possible copper mineral reserves are unchanged and are estimated to be 630 million kilos of contained copper (107 Mt at 0.27% copper) at December 31, 2020.

Mineral Sources
Measured and indicated copper mineral sources, unique of mineral reserves, whole an estimated 5,329 million kilos of contained copper (873 Mt at 0.21% copper). The copper mineral sources are positioned on the Mount Milligan Mine, the Berg Property, Kemess Underground, and Kemess East properties, all positioned in Canada.

Mount Milligan
At Mount Milligan, measured and indicated mineral sources, unique of mineral reserves, elevated by 3 million kilos of contained copper to an estimated 521 million kilos of contained copper (125 Mt at 0.19% copper) as at December 31, 2020. The rise in measured and indicated mineral sources relies on the constructive reconciliation of 2020 mine manufacturing.

Kemess
At Kemess, measured and indicated mineral sources which can be unique of reserves are unchanged at 2,107 million kilos of contained copper at December 31, 2019. The Kemess Underground measured and indicated mineral sources are 174 Mt at 0.18% copper or an estimated 697 million kilos of contained copper and Kemess East measured and indicated mineral sources of 178 Mt at 0.36% copper or an estimated 1,410 million kilos of contained copper.

Inferred Copper Mineral Sources
Centerra’s inferred copper mineral useful resource estimate totals 520 million kilos of contained copper (99 Mt at 0.16% copper). This consists of an estimated 28 million kilos of contained copper (7.9 Mt at 0.16% copper) at Mount Milligan that represents a year-over-year improve of 18 million kilos of contained copper resulting from a revised useful resource classification. At Kemess inferred copper mineral sources embody 210 million kilos of contained copper (48 Mt at 0.20% copper) at Kemess Underground and 203 million kilos of contained copper (29 Mt at 0.31%) at Kemess East, each unchanged from year-end 2019.

Inferred mineral sources have a large amount of uncertainty as to their existence and as as to if they are often mined economically. It can’t be assumed that every one or a part of the inferred mineral sources will ever be upgraded to a better class.

Desk 1 (see extra footnotes pages 13-14)
Centerra Gold Inc. 2020 12 months-Finish Mineral Reserve and Sources Abstract – Gold ^{(1) (5)}
(as of December 31, 2020)

Desk 2 (see extra footnotes pages 13-14)
Centerra Gold Inc. 2020 12 months-Finish Mineral Reserve and Sources Abstract – Different Metals ^{(1) (6)}
(as of December 31, 2020)

Desk 3 – Centerra Gold Inc. (see extra footnotes pages 13-14)
Reconciliation of Mineral Reserves and Mineral Sources ^{(1) (2)} – Gold Contained (koz)

Further Footnotes for Tables 1, 2, 3
Common

• A conversion issue of 31.1035 grams per troy ounce of gold is used within the mineral reserve and mineral useful resource estimates.

Kumtor

• The mineral reserves have been estimated based mostly on a gold value of $1,350 per ounce, diesel gas value of $0.50/litre and an trade price of 1USD:70KGS.
• The open pit mineral reserves are estimated based mostly on a cut-off grade of 0.85 grams of gold per tonne for the Central Pit and 1.0 grams of gold per tonne for the Southwest and Sarytor deposits.
• The mineral sources have been estimated based mostly on a gold value of $1,550 per ounce.
• Open pit mineral sources are constrained by a pit shell.
• The open pit mineral sources are estimated based mostly on a cut-off grade of 0.85 grams of gold per tonne for the Central Pit and 1.0 grams of gold per tonne for the Southwest and Sarytor deposits.
• Underground mineral sources happen beneath the open pit mineral sources shell and are constrained by underground mineable shapes based mostly on a cut-off grade of 4.9 grams of gold per tonne.
• Additional info in regards to the Kumtor deposit, together with key assumptions, parameters and strategies used to estimate mineral reserves, in addition to political, environmental and different dangers are described in Centerra’s most lately filed Annual Info Kind and the Technical Report on the Kumtor Mission, dated February 24, 2021, every of which has been filed on SEDAR.

Mount Milligan

• The mineral reserves have been estimated based mostly on a gold value of $1,250 per ounce, copper value of $3.00 per pound and an trade price of 1USD:1.25CAD.
• The open pit mineral reserves are estimated based mostly on an NSR cut-off of $7.64 per tonne (C$9.55 per tonne) and takes into consideration metallurgical recoveries, focus grades, transportation prices, smelter therapy costs and royalty and streaming preparations in figuring out financial viability.
• The mineral sources have been estimated based mostly on a gold value of $1,500 per ounce, copper value of $3.50 per pound and an trade price of 1USD:1.25CAD.
• The open pit mineral sources are constrained by a pit shell and are estimated based mostly on an CuEq which was equal to NSR cut-off of $7.64 per tonne (C$9.55 per tonne) and takes into consideration metallurgical recoveries, focus grades, transportation prices, smelter therapy costs and royalty and streaming preparations in figuring out financial viability.
• Additional info in regards to the Mount Milligan deposit, together with key assumptions, parameters and strategies used to estimate mineral sources and mineral reserves, in addition to environmental and different dangers are described in Centerra’s most lately filed Annual Info Kind and within the Mount Milligan Mine Technical Report, dated March 26, 2020, every of which has been filed on SEDAR.

Öksüt

• The mineral reserves have been estimated based mostly on a gold value of $1,250 per ounce and an trade price of 1USD:5.5TL.
• The open pit mineral reserves are estimated based mostly on 0.25 grams of gold per tonne cut-off grade.
• Open pit optimization used a tonne weighted LOM metallurgical restoration of 77% (Keltepe Pit 75%, Guneytepe Pit 85%).
• The mineral sources have been estimated based mostly on a gold value of $1,500 per ounce.
• Open pit mineral sources are constrained by a pit shell and are estimated based mostly on 0.2 grams of gold per tonne cut-off grade.
• Additional info in regards to the Öksüt deposit, together with key assumptions, parameters and strategies used to estimate mineral sources and mineral reserves, in addition to environmental and different dangers are described in Centerra’s most lately filed Annual Info Kind and the Technical Report on the Öksüt Mission, dated September 3, 2015, every of which has been filed on SEDAR.

Kemess Underground

• The mineral reserves have been estimated based mostly on a gold value of $1,250 per ounce, copper value of $3.00 per pound and an trade price of 1USD:1.25CAD.
• The mineral reserves are estimated based mostly on an NSR cut-off of C$17.30 per tonne and takes into consideration metallurgical recoveries, focus grades, transportation prices and smelter therapy costs in figuring out financial viability.
• The mineral sources have been estimated based mostly on a gold value of $1,450 per ounce, copper value of $3.50 per pound and an trade price of 1USD:1.25CAD.
• The mineral sources are estimated based mostly on an NSR cut-off of C$15.00 per tonne and takes into consideration metallurgical recoveries, focus grades, transportation prices and smelter therapy costs.
• Additional info in regards to the Kemess Underground deposit is described within the technical report dated July 14, 2017 and filed on SEDAR at www.sedar.com by AuRico Metals Inc. The technical report describes the exploration historical past, geology and elegance of gold mineralization on the Kemess Underground deposit. Pattern preparation, analytical strategies, laboratories used and high quality assurance-quality management protocols used throughout the exploration drilling packages are per business requirements and carried out by impartial licensed assay labs.

Kemess East

• The mineral sources have been estimated based mostly on a gold value of $1,450 per ounce, copper value of $3.50 per pound and an trade price of 1USD:1.25CAD.
• The mineral sources are estimated based mostly on an NSR cut-off of C$17.30 per tonne and takes into consideration metallurgical recoveries, focus grades, transportation prices and smelter therapy costs.
• Additional info in regards to the Kemess East mission is described within the technical report dated July 14, 2017 and filed on SEDAR at www.sedar.com by AuRico Metals Inc. The technical report describes the exploration historical past, geology and elegance of gold mineralization on the Kemess East mission. Pattern preparation, analytical strategies, laboratories used and high quality assurance-quality management protocols used throughout the exploration drilling packages are per business requirements and carried out by impartial licensed assay labs.

Thompson Creek

• The mineral sources have been estimated based mostly on a molybdenum value of $14.00 per pound.
• The open pit mineral sources are constrained by a pit shell and are estimated based mostly on 0.030% molybdenum cut-off grade.

Endako

• The mineral sources have been estimated based mostly on a molybdenum value of $14.00 per pound and an trade price of 1USD:1.25CAD.
• The open pit mineral sources are constrained by a pit shell and are estimated based mostly on 0.025% molybdenum cut-off grade.

Berg

• The mineral sources have been estimated based mostly on a copper value of $3.50 per pound, molybdenum value of $14.00 per pound, silver value of 21.00 per ounce and an trade price of 1USD:1.25CAD.
• The open pit mineral sources are constrained by a pit shell and are estimated based mostly on 0.25% copper equal cut-off grade that takes into consideration metallurgical recoveries, focus grades, transportation prices, and smelter therapy costs in figuring out financial viability.

Certified Individual

Slobodan (Bob) Jankovic, Skilled Geoscientist, member of the Affiliation of Skilled Geoscientists of Ontario (APGO) and Centerra’s Senior Director, Technical Companies, has reviewed and authorised the scientific and technical info associated to mineral reserves and sources estimates contained on this information launch. Bob Jankovic is a Certified Individual throughout the which means of Canadian Securities Administrator’s Nationwide Instrument 43-101 (“NI 43-101”).

All mineral reserve and sources have been estimated in accordance with the requirements of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101.

Mineral reserve and mineral useful resource estimates are forward-looking info and are based mostly on key assumptions and topic to materials danger components. If any occasion arising from these dangers happens, the Firm’s enterprise, prospects, monetary situation, outcomes of operations or money flows and the market value of Centerra’s shares may very well be adversely affected. Further dangers and uncertainties not at present recognized to the Firm, or which can be at present deemed immaterial, can also materially and adversely have an effect on the Firm’s enterprise operations, prospects, monetary situation, outcomes of operations or money flows and the market value of Centerra’s shares. See the part entitled “Threat Components” within the Firm’s annual Administration’s Dialogue and Evaluation (MD&A) for the year-ended December 31, 2020, obtainable on SEDAR at www.sedar.com and see additionally the dialogue beneath underneath the heading “Warning Concerning Ahead-looking Info”.

2020 Fourth Quarter Exploration Replace
Exploration actions within the fourth quarter of 2020 included drilling, floor sampling, geological mapping, and geophysical surveying on the Firm’s numerous initiatives (together with earn-in properties), focusing on gold and copper mineralization in Canada, Turkey, Finland, USA, and the Kyrgyz Republic. The Firm expanded its 2020 exploration program, when in comparison with 2019, and primarily targeted on brownfield exploration at Kumtor, Mount Milligan and Öksüt. Exploration expenditures totaled $13.0 million within the fourth quarter of 2020 and $39.2 million for full 12 months 2020, which replicate the impression of delays related to COVID-19, in comparison with $9.1 million and $28.0 million in the identical durations of 2019.

Kumtor Mine
Brownfields Exploration Kyrgyz Republic
The 2020 exploration drilling program at Kumtor Mine totaled 50,044 metres (196 drill holes). This included 159 diamond drill holes for 45,023 metres and 37 reverse circulation (“RC”) drill holes for five,021 metres. Exploration drilling in 2020 was targeted within the Central, Muzdusuu, Sarytor, and Bordoo areas and the Southwest space within the Koshuluu Zone, Hope Zone, SW Oxide Deep Zone and Decrease Horseshoe Zone.

Through the fourth quarter of 2020, exploration drilling packages continued with the completion of 54 diamond drill holes for 16,579 metres and eight RC drill holes for 1,537 metres. Exploration drilling targeted on testing zones of sulphide and oxide gold mineralization within the hall between the Central and Southwest pits (Koshuluu Zone, Hope Zone, Triangle Zone and SW Oxide Deep Zone), on the periphery of the Sarytor space, Northeast targets, Bordoo space and Muzdusuu space.

Central Pit
Within the Triangle Zone of the Central Pit, one exploration drill gap was accomplished. A major intersection is reported beneath:

Southwest Space
Twenty-six diamond drill holes have been accomplished within the Southwest Deposit for a complete of 8,035 metres. A lot of the drill holes have been accomplished between Southwest and Central Pits within the Koshuluu Zone, Hope Zone and Oxide Deep Zone (Southwest Pit). Within the Oxide Deep Zone, drill holes SW-20-380 and 386 intersected broad intervals of oxidized mineralized rocks, which belong to Unit 0. These drill holes confirmed the presence of oxide gold mineralization for over 120 metres in direction of the southwest and the zone stays open on this route. Outcomes are pending for a number of of the drill holes; chosen greatest intercepts are listed beneath:

Muzdusuu Space
9 diamond drill holes have been accomplished within the Muzdusuu Space for a complete of 1,710 metres. Drilling within the Muzdusuu Space (exterior Central Pit) is designed to probe for oxide and combined oxide-sulfide gold mineralization alongside the Kumtor decrease thrust. Gold mineralization has been traced in each northeast and southwest instructions and exhibits continuity and substantial quantity underneath the last word Central Deposit open pit. Chosen greatest intercepts are proven beneath:

Northeast Space
Within the Northeast space, eight RC drill holes have been accomplished for a complete of 1,537 metres. Drilling was carried out within the northwestern a part of the realm, the place holes intersected oxide gold mineralization confined to the tectonic mélange zone. Outcomes are pending for a number of of the drill holes; chosen greatest intercepts are listed beneath:

Sarytor Space
Eight diamond drill holes have been accomplished within the Sarytor space for a complete of two,811 metres. A number of drill holes intersected vital sulfide gold mineralization; chosen greatest intercepts are listed beneath:

Bordoo Space
Through the fourth quarter, exploration drilling was initiated within the Bordoo space. Ten diamond drill holes have been accomplished for a complete of three,644 metres. Outcomes are pending for a number of of the drill holes; there was no vital mineralization intercepted on the time of reporting.

The above mineralized intercepts have been calculated utilizing a cut-off grade of 1.0 g/t Au for sulphide and 0.1 g/t Au for oxide mineralization, minimal interval of 4 metres and a most inner dilution interval of 5 metres. The true widths for sulphide and oxide mineralized intervals reported symbolize roughly 70 to 95% of the said down gap interval. Drill collar places and related graphics can be found on the following hyperlink: http://ml.globenewswire.com/Resource/Download/91787cf6-8b9e-491a-9014-4c2b1507da1f

A full itemizing of the drill outcomes, drill gap places and plan map (together with the azimuth, dip of drill holes, and depth of the pattern intervals) for the Kumtor Mine have been filed on the System for Digital Doc Evaluation and Retrieval (“SEDAR”) at www.sedar.com and can be found on the Firm’s website www.centerragold.com.

Mount Milligan Mine
The 2020 exploration drilling program at Mount Milligan Mine totaled 35,954 metres in 73 drill holes. This included 30,513 metres (62 drill holes) of brownfield exploration drilling and 5,441 metres (11 drill holes) of greenfield exploration drilling.

Brownfield Drilling and Exploration
Within the fourth quarter, 22 brownfield drill holes have been accomplished totaling 11,844 metres. Of those, one drill gap (487 metres) examined the southernmost DWBX Zone close to the pit west wall, and 19 drill holes (8,597 metres) examined the Southern Star Zone, primarily close to the pit west wall. As well as, two drill holes have been designed to check for mineralization beneath historic drilling and check a deep geophysical function. They have been collared west of the open pit within the King Richard and DWBX zones.

Through the quarter, assay outcomes have been obtained for twenty-four brownfield drill holes that have been drilled within the Nice Japanese Fault (“GEF”) Zone, within the MBX Zone, within the DWBX Zone, within the Goldmark Zone, in Zone-4, within the King Richard Zone, within the Southern Star Zone, and within the South Boundary Zone. Finest weighted common intersections are reported beneath. Geophysical work accomplished within the fourth quarter included 25.6 line-kilometres of ground-based induced polarization (“IP”) survey within the South Boundary Zone.

Important intersections at Mount Milligan are usually hosted in andesite or latite volcaniclastic rocks, slim monzonite porphyry models or bigger shares (hangingwall and footwall margins), hydrothermal breccia models, and could be proximal to fault buildings and associated breccia/fracture zones. Early-stage alteration is variably potassic (magnetite bearing) and inner-propylitic (albite bearing) with early-stage gold-copper mineralized veins. This assemblage is variably overprinted by quartz-sericite-pyrite-carbonate (QSPC) alteration with related transitional- to late-stage veins. The overprinting QSPC assemblage could be grade enhancing, significantly for gold, and is the predominant assemblage in components of the deposit.

The above mineralized intercepts have been calculated utilizing a cut-off grade of 0.1 g/t Au and a most inner dilution interval of 4 metres. Important assay intervals reported symbolize obvious widths because of the undefined geometry of mineralization on this zone, relationship between fault blocks, and conceptual nature of the exploration goal. Drill collar places and related graphics can be found on the following hyperlink: http://ml.globenewswire.com/Resource/Download/91787cf6-8b9e-491a-9014-4c2b1507da1f

A full itemizing of the drill outcomes, drill gap places and plan map (together with the azimuth, dip of drill holes, and depth of the pattern intervals) for the Mount Milligan Mine have been filed on the System for Digital Doc Evaluation and Retrieval (“SEDAR”) at www.sedar.com and can be found on the Firm’s website www.centerragold.com.

Öksüt Mine
The 2020 exploration drilling program at Öksüt Mine totalled 19,666 metres in 77 drill holes. Within the fourth quarter, 31 drill holes have been drilled for 8,846 metres. Eight drill holes focused geochemical and geophysical anomalism on the Yelibelen and Boztepe Prospects, while the rest of the drill holes have been designed as infill and step-out drill holes for useful resource enlargement and useful resource growth. The infill and step-out drill holes have been primarily targeted on increasing the gold sources on the Keltepe and Güneytepe deposits, and on growing the Keltepe North oxide gold satellite tv for pc useful resource. Other than focusing on shallow oxide gold mineralization nearer to the floor, some holes have been prolonged to check for deeper sulphide gold and supergene copper mineralization potential. Preliminary bottle roll outcomes on sulphide gold mineralization indicated gold recoveries from 14 to 72%, which warranted the planning of extra detailed metallurgical research, together with column leach testwork and flotation testing. Outcomes are pending for a number of of the drill holes; chosen greatest intercepts are listed beneath:

Keltepe (useful resource improve and enlargement of oxide gold)

Güneytepe (useful resource enlargement of oxide and sulphide gold)

Keltepe North (useful resource growth of oxide gold)

The above mineralized intercepts have been calculated utilizing a cut-off grade of 0.2 g/t Au and a most inner dilution interval of 5 metres. The true widths of the mineralized intervals reported symbolize roughly 60 to 90% of the said downhole interval. Drill collar places and related graphics are obtainable at the following hyperlink: http://ml.globenewswire.com/Resource/Download/91787cf6-8b9e-491a-9014-4c2b1507da1f

A full itemizing of the drill outcomes, drill gap places and plan map (together with the azimuth, dip of drill holes, and depth of the pattern intervals) for the Öksüt Mine have been filed on the System for Digital Doc Evaluation and Retrieval (“SEDAR”) at www.sedar.com and can be found on the Firm’s website www.centerragold.com.

Kemess Mission
Kemess Brownfield Drilling
The 2020 Kemess exploration drilling program totaled 7,558 metres drilled in 11 drill holes. Of this, 3,302 metres (4 drill holes) have been drilled on the Nugget prospect, west of the proposed Kemess Underground (KUG) mine space; and 4,256 metres (seven drill holes) have been drilled on the Kemess East prospect, east of the proposed KUG mine space. Assay outcomes have been obtained for 9 brownfield drill holes throughout the fourth quarter: three from the Nugget East Block, and 6 from the Kemess East Deep extension zone (KED). Finest weighted common intersections are reported beneath:

The above mineralized intercepts have been calculated utilizing a cut-off grade of 0.1 g/t Au and a most inner dilution interval of 4 metres. Important assay intervals reported symbolize obvious widths because of the undefined geometry of mineralization on this zone, relationship between fault blocks, and conceptual nature of the exploration goal. Drill collar places and related graphics can be found on the following hyperlink: http://ml.globenewswire.com/Resource/Download/91787cf6-8b9e-491a-9014-4c2b1507da1f

A full itemizing of the drill outcomes, drill gap places and plan map (together with the azimuth, dip of drill holes, and depth of the pattern intervals) for the Kemess Mission have been filed on the System for Digital Doc Evaluation and Retrieval (“SEDAR”) at www.sedar.com and can be found on the Firm’s website www.centerragold.com.

Turkey Greenfield Tasks
Through the fourth quarter, greenfield exploration packages focusing on gold and copper mineralization have been undertaken on quite a lot of initiatives in Turkey. Drilling actions focusing on geochemical and geophysical anomalies yielded vital gold intercepts on the Sivritepe Mission positioned in north-eastern Turkey.

Sivritepe Mission
Two exploration licences (Sivritepe East and Sivritepe West) have been acquired by the public sale course of in December 2018. Subsequent exploration actions, together with geological mapping, geochemical sampling, and geophysical surveying (IP and heli-borne aeromagnetic surveys) generated targets for drill testing. Through the fourth quarter, Section-1 drill testing, comprising ten diamond drill holes for two,431 metres, was accomplished. A number of encouraging drill intercepts have been recorded; chosen greatest intercepts are listed beneath:

Sivritepe West

Sivritepe East

The above mineralized intercepts have been calculated utilizing a cut-off grade of 0.15 g/t Au and a most inner dilution interval of 5 metres. Drill collar places and related graphics are obtainable at the following hyperlink: http://ml.globenewswire.com/Resource/Download/91787cf6-8b9e-491a-9014-4c2b1507da1f

A full itemizing of the drill outcomes, drill gap places and plan map (together with the azimuth, dip of drill holes, and depth of the pattern intervals) for the Sivritepe Mission have been filed on the System for Digital Doc Evaluation and Retrieval (“SEDAR”) at www.sedar.com and can be found on the Firm’s website www.centerragold.com.

Different Tasks

Through the fourth quarter of 2020, greenfield exploration packages focusing on gold and copper mineralization have been ongoing in Canada, Turkey, USA and Finland.

Certified Individual & QA/QC – Exploration

Exploration info and associated scientific and technical info on this doc concerning the Kumtor Mine have been ready in accordance with the requirements of Nationwide Instrument 43-101 (“NI 43-101”) and have been ready, reviewed, verified and compiled by Boris Kotlyar, a member with the American Institute of Skilled Geologists (AIPG), Chief Geologist, International Exploration with Centerra, who’s the certified individual for the aim of NI 43-101. Pattern preparation, analytical strategies, laboratories used, and high quality assurance-quality management protocols used throughout the exploration drilling packages are completed as described within the Kumtor Technical Report dated February 24, 2021 (with an efficient date of July 1, 2020). The Kumtor deposit is described in Centerra’s most lately filed Annual Info Kind and the Kumtor Technical Report, that are each filed on SEDAR at www.sedar.com.

Exploration info and associated scientific and technical info on this doc concerning the Mount Milligan Mine and Kemess Mission have been ready in accordance with the requirements of NI 43-101 and have been ready, reviewed, verified and compiled by C. Paul Jago, Member of the Engineers and Geoscientists British Columbia, Exploration Supervisor at Centerra’s Mount Milligan Mine, who’s the certified individual for the aim of NI 43-101. Pattern preparation, analytical strategies, laboratories used, and high quality assurance high quality management protocols used throughout the exploration drilling packages are completed per business requirements and impartial licensed assay labs are used. The Mount Milligan deposit is described in Centerra’s most lately filed Annual Info Kind and a technical report dated March 26, 2020 (with an efficient date of December 31, 2019) ready in accordance with NI 43-101, each of which can be found on SEDAR at www.sedar.com.

Exploration info and associated scientific and technical info on this doc concerning the Öksüt Mine and Sivritepe Mission have been ready, reviewed, verified and compiled in accordance with NI 43-101 by Mustafa Cihan, Member of the Australian Institute of Geoscientists (AIG), Exploration Supervisor Turkey at Centerra’s Turkish subsidiary Centerra Madencilik A.Ş., who’s the certified individual for the aim of NI 43-101. Pattern preparation, analytical strategies, laboratories used, and high quality assurance-quality management protocols used throughout the exploration drilling packages are completed per business requirements and impartial licensed assay labs are used. The Öksüt deposit is described in Centerra’s most lately filed Annual Info Kind and in a technical report dated September 3, 2015 (with an efficient date of June 30, 2015) ready in accordance with NI 43-101, each of which can be found on SEDAR at www.sedar.com.

Warning Concerning Ahead-Wanting Info
Info contained on this information launch which aren’t statements of historic information, and the paperwork integrated by reference herein, could also be “forward-looking info” for the needs of Canadian securities legal guidelines. Such forward-looking info entails dangers, uncertainties and different components that might trigger precise outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such ahead wanting info. The phrases “imagine”, “count on”, “anticipate”, “ponder”, “goal”, “plan”, “intends”, “proceed”, “price range”, “estimate”, “might”, “will”, “schedule” and related expressions establish forward-looking info. These forward-looking statements relate to, amongst different issues mineral reserve and mineral useful resource estimates, LOM estimates for the Kumtor Mine, together with anticipated gold manufacturing and the extension of the mine life, lifetime of mine working and capital prices, and anticipated impression of deliberate enhancements on the Kumtor mine on metallurgical restoration; future exploration potential; timing and scope of future exploration (brownfields or greenfields); anticipated prices and expenditures and different info that’s based mostly on forecasts of future operational or monetary outcomes, estimates of quantities not but determinable and assumptions of administration; and administration’s expectations concerning finishing a brand new mine plan with up to date mineral reserves on the Öksüt Mine. Ahead-looking info is essentially based mostly upon quite a lot of estimates and assumptions that, whereas thought-about cheap by Centerra, are inherently topic to vital political, enterprise, financial and aggressive uncertainties and contingencies. Identified and unknown components might trigger precise outcomes to vary materially from these projected within the forward-looking info. For a full listing of the chance components that may have an effect on the Firm, see its administration’s dialogue and evaluation for the 12 months ended December 31, 2020 and its most lately filed annual info type.

Market value fluctuations in gold, copper and different metals, in addition to elevated capital or manufacturing prices or lowered restoration charges might render ore reserves containing decrease grades of mineralization uneconomic and should finally lead to a restatement of mineral reserves. The extent to which mineral sources might finally be reclassified as confirmed or possible mineral reserves depends upon the demonstration of their worthwhile restoration. Financial and technological components which can change over time all the time affect the analysis of mineral reserves or mineral sources. Centerra has not adjusted mineral useful resource figures in consideration of those dangers and, subsequently, Centerra may give no assurances that any mineral useful resource estimate will finally be reclassified as confirmed and possible mineral reserves.

Mineral sources aren’t mineral reserves, and shouldn’t have demonstrated financial viability, however do have cheap prospects for financial extraction. Measured and indicated mineral sources are sufficiently effectively outlined to permit geological and grade continuity to be fairly assumed and allow the applying of technical and financial parameters in assessing the financial viability of the useful resource. Inferred mineral sources are estimated on restricted info not adequate to confirm geological and grade continuity or to permit technical and financial parameters to be utilized. Inferred mineral sources are too speculative geologically to have financial issues utilized to them to allow them to be categorized as mineral reserves. There is no such thing as a certainty that mineral sources of any class could be upgraded to mineral reserves by continued exploration.

Centerra’s mineral reserve and mineral useful resource figures are estimates and Centerra can present no assurances that the indicated ranges of gold or copper shall be produced or that Centerra will obtain the metallic costs assumed in figuring out its mineral reserves. Such estimates are expressions of judgment based mostly on data, mining expertise, evaluation of drilling outcomes and business practices. Legitimate estimates made at a given time might considerably change when new info turns into obtainable. Whereas Centerra believes that these mineral reserve and mineral useful resource estimates are effectively established and the most effective estimates of Centerra’s administration, by their nature mineral reserve and mineral useful resource estimates are imprecise and rely, to a sure extent, upon evaluation of drilling outcomes and statistical inferences which can finally show unreliable. If Centerra’s mineral reserve or mineral reserve estimates for its properties are inaccurate or are lowered sooner or later, this might have an hostile impression on Centerra’s future money flows, earnings, outcomes or operations and monetary situation.

Centerra estimates the longer term mine lifetime of its operations. Centerra may give no assurance that mine life estimates shall be achieved. Failure to attain these estimates might have an hostile impression on Centerra’s future money flows, earnings, outcomes of operations and monetary situation.

There could be no assurances that forward-looking info and statements will show to be correct, as many components and future occasions, each recognized and unknown might trigger precise outcomes, efficiency or achievements to differ or differ materially, from the outcomes, efficiency or achievements which can be or could also be expressed or implied by such forward-looking statements contained herein or integrated by reference. Accordingly, all such components must be thought-about rigorously when making choices with respect to Centerra, and potential buyers shouldn’t place undue reliance on ahead wanting info. Ahead-looking info is as of February 24, 2021. Centerra assumes no obligation to replace or revise ahead wanting info to replicate adjustments in assumptions, adjustments in circumstances or another occasions affecting such forward-looking info, besides as required by relevant legislation.

About Centerra
Centerra Gold Inc. is a Canadian-based gold mining firm targeted on working, growing, exploring and buying gold properties in North America, Asia and different markets worldwide and is likely one of the largest Western-based gold producers in Central Asia. Centerra operates three mines, the Kumtor Mine within the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey. Centerra’s shares commerce on the Toronto Inventory Change (TSX) underneath the image CG. The Firm relies in Toronto, Ontario, Canada.

For extra info:
John W. Pearson
Vice President, Investor Relations
(416) 204-1953
john.pearson@centerragold.com

Further info on Centerra is obtainable on the Firm’s website at www.centerragold.com and at SEDAR at www.sedar.com.

PDF obtainable: http://ml.globenewswire.com/Resource/Download/048f5163-b398-41ea-abe9-82511cc64c02