Centerra Gold Inc.

2026 Outlook

The Company has updated its 2026 outlook as follows:

•Mount Milligan Mine - lowering estimate for all-in sustaining costs on a by-product basis NG, driven by strong copper credits. Mount Milligan Mine has also adjusted anticipated tax expense upward to align with higher revenue resulting from favourable gold and copper prices. Lastly, the Mount Milligan Mine has increased its DDA estimate to better reflect the current mine plan.

•Langeloth Facility - raised its guidance for net earnings and adjusted EBITDANG as it expects to benefit from high molybdenum prices throughout 2026.

•Corporate - increased full year corporate G&A guidance to reflect a number of small factors including consulting and legal fees.

Except for the changes highlighted above, the Company’s outlook is unchanged as presented in the MD&A for the three and six months ended June 30, 2026. The Company’s full year 2026 outlook, and comparative actual results for thenine months ended September 30, 2026 of certain operating metrics are set out in the sections below. The Company notes that the ongoing shifts and uncertainty around the conflict in the Middle East and volatility of fuel prices may have an impact on the results of the Company’s operations in 2026, but at present these impacts are not expected to be material at the consolidated level.

Gold and Copper Assets

1. Consolidated Centerra figures.

2. The Mount Milligan Mine is subject to an arrangement with Royal Gold which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using assumed market prices of $4,250 per ounce of gold and $6.25 per pound of copper for 2026, the Mount Milligan Mine’s average realized gold and copper prices for 2026 would be $2,915 per ounce and $5.25 per pound, respectively, compared to average realized prices of $2,608 per ounce and $3.96 per pound in 2025, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs.

3. Gold production for 2026 at the Mount Milligan Mine assumes estimated recoveries of 60% to 62% and compares to actual gold recovery of 60.3% achieved in the nine months ended September 30, 2026. Copper production for 2026 assumes recovery of 75% to 77% for copper and compares to actual copper recovery of 74.2% achieved in the nine months ended September 30, 2026.

4. Unit costs include a credit for forecasted copper sales treated as a by-product for all-in sustaining costs NG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters.

5. Units noted as ($/oz) relate to gold ounces.

6. Excludes share based compensation.

Production Profile

In the nine months ended September 30, 2026, the Company reported consolidated production of 214,157 ounces of gold and 40.1 million pounds of copper. Centerra’s 2026 consolidated gold production is projected to be between 260,000 to 290,000 ounces with 2026 copper production expected to be between 50 to 60 million pounds.

In the nine months ended September 30, 2026, the Mount Milligan Mine produced 111,817 ounces of gold and 40.1 million pounds of copper. In 2026, the Mount Milligan Mine’s gold production guidance is projected to be between 140,000 to 155,000 ounces and copper production guidance is projected to be between 50 to 60 million pounds. Mill throughput, gold grades, and copper grades in 2026 are expected to be similar to those in 2025 and in line with the 2025 Mount Milligan Mine’s pre-feasibility study (“MTM PFS”). The Mount Milligan plant completed a scheduled major shutdown in the first quarter of 2026 and completed another shutdown in the third quarter of 2026 for the relining of the SAG and one ball mill. The third quarter gold production was higher than second quarter production, increasing by 15%, reflecting planned mine sequencing. The mine remains on track to achieve full year gold production guidance and full year copper production guidance. Sales and monetization of gold ounces and copper pounds are dependent on the timing of ocean vessels and may result in some timing differences between produced and sold quantities.

In the nine months ended September 30, 2026, the Öksüt Mine produced 102,340 ounces of gold. Production at the Öksüt Mine remains on track to meet theguidance range of 120,000 and 135,000 ounces for the year (increased in the second quarter report from 110,000 and 125,000 ounces). Ore mined in 2026 is planned to be sourced from phase 5 and phase 6 of the Keltepe Pit, and gold sales are expected to closely follow gold production.

Cost Profile

In thenine months ended September 30, 2026, the Company’s consolidated gold production costs amounted to $1,536 per ounce. In 2026, the Company anticipates its consolidated gold production costs to range from $1,500 to $1,600 per ounce.

Consolidated all-in sustaining costs on a by-product basis NG were $1,729 per ounce in the nine months ended September 30, 2026. In 2026, the Company expects its consolidated all-in sustaining costs on a by-product basis NG to be in the range of $1,650 to $1,750 per ounce for the full year. Consolidated all-in sustaining costs on a by-product basis NGin 2026 are driven by increased expected royalty costs at the Öksüt Mine and higher share-based compensation expense which are more than offset by higher expected by-product credits at the Mount Milligan Mine driven by strong copper and silver prices.

In the nine months ended September 30, 2026, the Mount Milligan Mine reported gold production costs of $1,474 per ounce. Production costs in the third quarter were $1,392 per ounce where strong gold production offset moderate cost increases from diesel, tires, and camp facilities. Anticipated full year production costs at the Mount Milligan Mine remain within the guidance range of $1,450 to $1,550 per ounce.

Copper production costs at the Mount Milligan Mine were $2.49 per pound in the nine months ended September 30, 2026. In 2026, copper production costs are projected to be in the range of $2.00 to $2.50 per pound.

At the Mount Milligan Mine, all-in sustaining costs on a by-product basis NG were $1,103 per ounce for thenine months ended September 30, 2026, below the low end of the original guidance range ($1,200 to $1,300 per ounce). The Mount Milligan Mine continues to benefit from high copper credits driven by strong copper prices. As a result, the Company has lowered the full year guidance range for all-in sustaining costs on a by-product basis NG of $1,100 to $1,200 per ounce in 2026.

In the nine months ended September 30, 2026, the Öksüt Mine reported gold production costs of $1,607 per ounce. Lower gold production costs per ounce in the first three quarters of 2026 were driven by stronger than anticipated gold production. In 2026, the Company estimates the Öksüt Mine’s gold production costs to be in the range of $1,650 to $1,750 per ounce, with royalty costs expected to constitute between $600 to $700 per ounce of this cost (at an assumed market gold price of $4,250 per ounce).

The Öksüt Mine’s all-in sustaining costs on a by-product basis NG were $1,822 per ounce in the nine months ended September 30, 2026. In 2026, the Company expects the Öksüt Mine’s full year all-in sustaining costs on a by-product basis NG to be in the range of $1,850 to $1,950 per ounce.

Capital Expenditures

Additions to Property, Plant and Equipment (“PP&E”) include certain non-cash additions to PP&E such as changes in future reclamation costs and capitalization of leases. Capital expenditures NG, which comprise sustaining capital expenditures NG and non-sustaining capital expenditures NG, exclude such non-cash additions to PP&E. The reconciliation of additions to PP&E and capital expenditures NG is included in the Non-GAAP and Other Financial Measures section of this MD&A.

In the nine months ended September 30, 2026, additions to PP&E for gold and copper assets were $179.1 million and Total Capital Expenditures NG for these assets were $164.2 million. In 2026, consolidated additions to PP&E are expected to be in the range of $205 million to $250 million and total capital expenditures NGin the range of $185 to $230 million for the gold and copper asset portfolio. Planned capital expenditures NG of note in 2026 include water management projects and buttress foundation construction at the Mount Milligan Mine as well as site preparation activities at the Goldfield Project.

The Mount Milligan Mine’s additions to PP&E in 2026 were $109.9 million and total capital expenditures NG were $100.2 million. The difference between additions to PP&E and capital expenditures NG was mainly due to costs capitalized into Right-of-Use (“ROU”) assets of $15.4 million, less a change to future reclamation costs of $5.4 million. In 2026, the Mount Milligan Mine is forecasted to have additions to PP&E in the range from $130 million to $150 million and total capital expenditures NG from $115 to $135 million. Total capital expenditures NG include sustaining capital expenditures NG in the range of $80 to $90 million and non-sustaining capital expenditures NG in the range of $35 to $45 million. Non-sustaining capital expenditures NG scheduled throughout 2026 include purchases of additional mining equipment to increase tonnes moved, ball mill upgrades, buttress foundation construction to allow for the successive tailings dam buttress raises over the course of the remaining life of the existing tailings storage facility (“TSF”), and exploration costs to continue testing for potential resource expansion to the west. A portion of the 2026 sustaining capital expenditures NG relates to capitalized TSF construction costs in the range of $25 to $30 million with the remaining sustaining capital expenditures NG largely related to water management projects to sustain water access and availability and major component and equipment replacements within the operating fleet. Total capital expenditures NGremain in line with the MTM PFS with the exception of increased capital expenditures NGrelated to water management projects and buttress foundation construction as mentioned above.

The Öksüt Mine’s additions to PP&E in thenine months ended September 30, 2026 were $13.8 million and total capital expenditures NG were $9.2 million. The difference between additions to PP&E and capital expenditures NG was due to a change in future reclamation costs of $2.1 million and the costs capitalized to ROU assets of $2.5 million. Additions to PP&E and total sustaining capital expenditures NG are expected to be

low in 2026, in the range of $10 to $20 million and $5 to $15 million, respectively, reflecting ongoing support of production facilities.

In thenine months ended September 30, 2026, the Goldfield Project additions to PP&E and total capital expenditures NG were $49.2 and $48.6 million, respectively. In 2026, the Goldfield Project is expecting additions to PP&E and non-sustaining capital expenditures NG to be in the range of $60 million to $70 million, as the Company started to execute on its plan to build the project. The 2026 capital expenditures NG program primarily relates to advancing detailed engineering work, long-lead procurement activities, initial site general earthworks and preparation and down payments for power line upgrades. The increase reflects the advancement of a number of site preparation activities into 2026, including the water diversion channel, site platform development, overburden removal, and heap leach pad construction materials to support project execution and reduce execution risk. Engineering and procurement of key long-lead items, including the Adsorption, Desorption, and Recovery (“ADR”) plant, crushing circuit, heap leach liner, pumps and piping, and power infrastructure, have also been advanced to secure 2026 pricing. The overall project capital cost estimate remains consistent with the August 2025 technical study.

There were $6.2 million in additions to PP&E and non-sustaining capital expenditures NGfor the Kemess Project in the nine months ended September 30, 2026. In 2026, the Kemess Project is expecting additions to PP&E and total capital expenditures NG to be in the range of $5 to $10 million. The 2026 capital expenditures NG program primarily relates to costs needed to restart the water treatment plant and completion of certain camp accommodation facility upgrades. As the Kemess Project remains focused on project evaluation activities, the majority of the project costs are expensed and recorded within exploration and evaluation or care and maintenance as further outlined below.

Depreciation, Depletion and Amortization

In the nine months ended September 30, 2026, the Company’s DDA expense included in the cost of sales for gold and copper producing assets was $95.2 million. The Öksüt Mine’s DDA expense over this period was $48.0 million and the Mount Milligan Mine’s DDA expense was $47.2 million. The guidance range for the Mount Milligan Mine’s DDA expense was increased to $55 to $65 million (previously $40 to $50 million) in order to more accurately reflect the current mine plan. In 2026, the Company estimates DDA expense at the Öksüt Mine to be in the range of $50 to $60 million, for a combined DDA expense of $105 to $125 million (previously $90 to $110 million).

Current Taxes and Tax Payments

The Mount Milligan Mine’s current British Columbia mineral tax expense in thenine months ended September 30, 2026, was $9.7 million and the cash taxes paid were $9.0 million. The cash taxes paid included $2.6 million in payments for 2020, 2021, and 2022 audits. The remaining difference between current tax expense and cash taxes paid is due to timing of tax payments. In 2026, Mount Milligan Mine’s current British Columbia mineral tax expense and tax payments are each expected to be in the range of $12 to $14 million, up from the earlier guidance range of $6 to $8 million, as a result of increased gold and copper revenues.

The Öksüt Mine’scurrent income tax expense in the nine months ended September 30, 2026 was $100.5 million, including a withholding tax of $16.0 million on the repatriation of Öksüt Mine’s earnings. Total cash taxes paid by the Öksüt Mine in the nine months ended September 30, 2026 were $95.1 million, including withholding tax of $22.5 million on the repatriation of Öksüt Mine’s earnings. The difference between current tax expense and cash taxes paid is due to timing of tax payments. In 2026, the Öksüt Mine income tax expense is expected to be in the range of $105 to $125 million. The Öksüt Mine income tax expense reflects a 25% income tax rate on taxable income and a 10% withholding tax rate on repatriation of a portion of the Öksüt Mine’s retained earnings. On June 4, 2026, an amendment to income tax legislation was published in Türkiye which will reduce the corporate income tax rate from 25% to 12.5%, beginning January 1, 2027 and applicable for subsequent taxation periods. The Company expects qualifying production income generated by the Öksüt Mine to benefit from the reduced rate.

Kemess Project Costs (excluding capital expenditures NG and exploration outlined in other sections)

The work program at the Kemess Project continues to be focused on project evaluation activities including resource in-fill and exploration drilling as well as technical studies. In the nine months ended September 30, 2026, the Kemess Project’s expenditures amounted to $25.5 million, comprised of $11.1 million for care and maintenance costs, along with $14.4 million of pre-development and technical works focused on the pre-feasibility study (“Kemess PFS”). Reclamation costs of $0.8 million related to the decommissioning of the Kemess South diversion dam and diversion conduit were incurred in the third quarter, with work planned to continue throughout the remainder of the year.

In 2026, the Kemess Project’s expenditures are projected to be in the range of $13 to $15 million on care and maintenance, $17 to $23 million on pre-development and technical works focused on the Kemess PFS expected to be issued in mid-2027, and $2 to $4 million on reclamation costs. The Company continues to evaluate concepts for the property as provided in the results of the Preliminary Economic Assessment (“Kemess PEA”) released on January 19, 2026.

Life of Mine (“LOM”) Extension Study, Engineering, and Permitting Costs

At the Mount Milligan Mine, the Company continues to progress engineering and other studies to support future permit authorizations which will be required to achieve the recently announced mine life extension of Mount Milligan to 2045 as outlined in a pre-feasibility study. For thenine months ended September 30, 2026, these expenditures associated with the Mount Milligan Mine amounted to $9.0 million. At the Öksüt Mine, work continues on the LOM optimization study, which is expected to be published in early 2027. For thenine months ended September 30, 2026, expenditures associated with this work at the Öksüt Mine amounted to $1.2 million. LOM optimization study, engineering and permitting costs across the sites are projected to be in the range of $20 to $25 million in 2026.

US Moly

Thompson Creek Mine

The Thompson Creek Mine’s additions to PP&E and total capital expenditures NG in thenine months ended September 30, 2026 were $193.0 million and $173.6 million, respectively. The difference between additions to PP&E and capital expenditures NG was primarily due to capitalized ROU assets of $15.9 million comprised of mining equipment and capitalized DDA of$14.4 million.

Since the restart decision in September 2024, non-sustaining capital expenditures NG have totaled $337.3 million including capitalized stripping costs of $162.3 million, equipment refurbishments and capital equipment purchases of $82.3 million, mill refurbishments, mill engineering studies and TSF engineering costs of $47.4 million and other capitalized costs of $45.3 million.

In 2026, the Thompson Creek Mine’s additions to PP&E are expected to be in the range of $205 to $235 million (inclusive of capitalized DDA) and total capital expenditures NG are expected to be in the range of $190 to $220 million. The Thompson Creek Mine is focused on the following major deliverables in 2026:

•Maintain high utilization of an additional production shovel to increase tons moved and perform mobilization of a mining contractor in certain mining areas to de-risk execution of the mine plan.

•Substantially complete mill construction and transition to commissioning readiness.

•Progress tailings and water‑management infrastructure to support start‑up, including the tailings dam rock toe buttress construction.

•Ramp up of operating and commissioning teams and staff critical roles, specifically in the mill area.

•Finalize operations‑readiness and continue training, procedures, and cross‑functional coordination.

The Company expects the total project spending will be in the range of $425 to $450 million through to first production. The project remains on track for first production in mid-2027.

The Company estimates that the majority of costs at the Thompson Creek Mine will relate to goods and services sourced domestically within the United States and, as such, does not anticipate a material impact from import tariffs at this time. The Company has continued a diesel hedging program at the Thompson Creek Mine in order to manage the risk associated with changes in fuel prices. The Company does not expect material impact to project spending from the rise in global fuel prices in 2026.

Langeloth Facility

The Langeloth Facility maintained full operations in the third quarter and the Company has increased the guidance ranges for net earnings and adjusted EBITDANG in 2026 due to strong molybdenum prices.

In thenine months ended September 30, 2026, the Langeloth Facility roasted and sold 7.7 million and 12.1 million pounds of molybdenum, respectively. The Langeloth Facility is projected to roast 11 to 13 million pounds of molybdenum and sell 15 to 17 million pounds in 2026. Sales are expected to exceed production in 2026 as a result of the temporary suspension of operations in the first quarter of 2026 that constrained roasting activities. The Company continued to purchase third party molybdenum concentrates and molybdenum products during the shutdown period to support customer deliveries which contributed to higher sales volumes.

In thenine months ended September 30, 2026, Langeloth Facility’s net earnings were $11.7 million, including DDA of $3.4 million, and adjusted EBITDANG was $18.9 million. In 2026, expected net earnings at the Langeloth Facility have been increased to $12 to $17 million (previously $2 to $7 million) and anticipated adjusted EBITDANG has been increased to $17 to $22 million (previously $7 to $12 million), due to a higher margin on the sale of molybdenum products as a result of higher market prices and a relatively lower weighted average cost per pound of inventory sold. The Company expects the current production cost structure to remain relatively stable for the remainder of the year. The difference between net earnings and adjusted EBITDANG was primarily due to $3.9 million to settle a legacy labour-related proceeding before the U.S. National Labor Relations Board (“NLRB”).

The Langeloth Facility reported approximately $138.3 million in incremental working capital investment in the nine months ended September 30, 2026, primarily due to a build-up of inventory volumes and the increase in the average molybdenum market prices. In the nine months ended September 30, 2026, the cash used by operations at the Langeloth Facility was primarily driven by changes in working capital. The working capital requirements at the Langeloth Facility are highly dependent on market molybdenum prices. A $5 per pound change in molybdenum price has an approximate $25 million impact on working capital invested. The average molybdenum market price increased from $22.11 per pound at the end of the fourth quarter of 2025 to $29.48 per pound at the end of the third quarter of 2026.

In the nine months ended September 30, 2026, the Langeloth Facility’s additions to PP&E and total capital expenditures NG were $2.1 million. For the full year of 2026, the Langeloth Facility is projecting sustaining capital expenditures NG to be in the range of $3 to $5 million.

Global Exploration Projects

In the nine months ended September 30, 2026, total exploration expenditures were $35.9 million. In 2026, exploration expenditures are expected to range from $40 to $50 million. The exploration expenditures include $20 to $25 million of brownfield exploration and $20 to $25 million of greenfield and generative exploration programs. Over 90% of exploration expenditures are expected to be expensed. The exploration targets for brownfield projects in 2026 are expected to include continued drilling and testing at the Mount Milligan Mine

and the Kemess Project. At the Mount Milligan Mine, programs are expected to focus on the western extension of the deposit and on in‑fill drilling to upgrade inferred resources to the indicated category, including work between Goldmark and North Slope, and to expand resources at Saddle West and Boundary areas. At Kemess, work will continue to in‑fill drill within the resource areas outlined in the PEA, and advance drilling at the Kemess Offset zone.

Other Items

In the nine months ended September 30, 2026, corporate and administration expenses were $30.1 million, excluding share-based compensation expense of $33.6 million and corporate depreciation of $0.6 million. Guidance for corporate and administration expenses, excluding share-based compensation expense and corporate depreciation, has been increased to reflect a number of small factors including consulting fees, legal fees, insurance, and travel. Corporate and administration expenses excluding share-based compensation are expected to be in the range of $34 to $38 million (previously $29 to $33 million) in 2026.

In the nine months ended September 30, 2026, the Company's share of cash expenditures at the Endako Mine totaled $4.1 million primarily related to care and maintenance. In 2026, the Company’s share of care and maintenance expenditures at the Endako Mine are expected to be between $6 and $8 million.

As a result of the attainment of certain production thresholds at the Greenstone Mine, the Company is entitled to receive 33,333 additional contingent gold ounces (or equivalent cash payments) from Equinox Gold in relation to the sale of Centerra’s 50% interest in the Greenstone Gold Mines Partnership in 2021. Such contingent gold ounces are required to be delivered by the Company to Royal Gold as part of the Additional Royal Gold Agreement. The first contingent payment occurred in 2025, the second contingent payment occurred in early October 2026 and the Company anticipates the third payment in 2027.

2026 Material Assumptions

Other material assumptions or factors not mentioned above but used to estimate production and costs in 2026, after giving effect to the hedges in place as at September 30, 2026, include the following:

•market gold price of $4,250 per ounce and an average realized gold price at the Mount Milligan Mine of $2,915 per ounce after reflecting the Mount Milligan Streaming Agreement (35% of the Mount Milligan Mine’s gold is sold to Royal Gold for $435 per ounce) and gold refining costs;

•market price of $6.25 per pound ($6.00 per pound in the previous guidance) for copper and an average realized copper price at the Mount Milligan Mine of $5.25 per pound after reflecting the Mount Milligan Streaming Agreement (18.75% of the Mount Milligan Mine’s copper is sold to Royal Gold at 15% of the spot price per metric tonne), and copper treatment and refining costs;

•market price of $65 per ounce for silver;

•molybdenum price of $32.00 per pound ($30 per pound in the previous guidance);

•exchange rates are as follows: $1USD:$1.37 CAD, and $1USD:48.00 Turkish lira ($1USD:47.00 Turkish lira in previous guidance); and

•diesel fuel price of $1.25/litre or CAD$1.71/litre at the Mount Milligan Mine and $3.35/gallon ($3.15/gallon previously) at the Thompson Creek Mine.

The Additional Royal Gold Agreement is not expected to have a significant impact on these assumptions in 2026 as the increases in payments received by the Company for gold ounces and copper pounds delivered to Royal Gold are not expected to commence until approximately 2030.

Mount Milligan Streaming Agreement

Production at the Mount Milligan Mine is subject to the Mount Milligan Streaming Agreement. To satisfy its obligations under the Mount Milligan Streaming Agreement, the Company purchases refined gold and copper warrants and arranges for their delivery to Royal Gold. The difference between the cost of the purchases of

refined gold and copper warrants, and the corresponding amounts payable to the Company under the Mount Milligan Streaming Agreement is recorded as a reduction of revenue and not a cost of operating the mine.

Other Material Assumptions

Production, cost, and capital expenditure forecasts for 2026 are forward-looking information and are based on key assumptions and subject to material risk factors that could cause actual results to differ materially from those estimated. Material assumptions used in forecasting production and costs for 2026, and related risk factors can be found under the heading “Cautionary Statement on Forward-Looking Information” in this document and under the heading “Risk Factors” in the Company’s most recent Annual Information Form (“AIF”).

2026 Sensitivities

Centerra’s costs and cash flows for the remaining three months of 2026 are sensitive to changes in certain key inputs. The Company has estimated the impact of any such changes on its net income, capital costs and cash flows as follows:

(1)Includes the impact of hedging of 5,382 ounces for the Öksüt Mine’s gold sales in the fourth quarter of 2026. Excludes the effect of 42,040 ounces of gold with an average mark-to-market price of $4,173 per ounce and 12.5 million pounds of copper with an average mark-to-market price of $6.55 per pound outstanding under the Mount Milligan Mine’s contracts awaiting final settlement in future months as of September 30, 2026.

(2)Includes the effect of the Company’s diesel fuel and Canadian dollar hedging programs, with current exposure coverage as of September 30, 2026 of approximately 46% and 44%, respectively.

(3)Appreciation of the currency against the US dollar results in higher costs and lower cash flow and earnings. Depreciation of the currency against the US dollar results in decreased costs and increased cash flow and earnings.