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Centerra’s Acquisition of AuRico Metals:Building on our Canadian PlatformNovember 7, 2017

TSX: CGwww.centerragold.com

Caution Regarding Forward-Looking Information

2

Information 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”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. Theseforward-looking statements relate to, among other things: whether the arrangement to acquire AuRico Metals Inc. (“AMI”) and the related debt financing will be consummated, including whether conditions to the consummation of theproposed transactions will be satisfied, expectations regarding the assets of AMI, including pro forma financial and operational forecasts, and potential improvements to the Kemess property. Forward-looking information is necessarilybased upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known andunknown 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 differ materially from current expectations include, amongother things: (A) the ability to consummate the proposed arrangement to acquire AMI and the related debt financing; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other conditions to theconsummation of the proposed arrangement to acquire AMI and the related debt financing on the proposed terms and schedule, and to the extent, anticipated the potential impact of the announcement or consummation of theproposed transactions on relationships, including with regulatory authorities, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets;changes in applicable laws; significant competition that Centerra and AMI face; compliance with extensive government regulation; and the diversion of management time on the proposed arrangement to acquire AMI and the relateddebt financing (B) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic and Canada; risks that any of the conditions precedent to the Strategic Agreementwill not be satisfied in a timely manner or at all, particularly as the Government may not bind the General Prosecutor’s Office or the Parliament of the Kyrgyz Republic; a decision by the General Prosecutor’s Office, or its successor theAnti-Corruption Service of the State Committee for National Security, to re-open at any time civil or criminal proceedings against Centerra, its subsidiaries or other stakeholders; the failure of the Government to comply with itscontinuing obligations under the Strategic Agreement, including the requirement that it comply at all times with its obligations under the Kumtor Project Agreements, allow for the continued operation of the Kumtor Mine by KGC andKOC and not take any expropriatory action; actions by the Government or any state agency or the General Prosecutor's Office that serve to restrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra;resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including with respect to theenvironment, 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, its affiliates or its current or formeremployees; risks that community activism may result in increased contributory demands or business interruptions; the impact of any actions taken by the Kyrgyz Republic Government and Parliament relating to the Kumtor ProjectAgreements 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 the Kumtor Project; the risks related to otheroutstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the impact of the delay by relevant government agencies to provide required approvals, expertises and permits; potential impact on theKumtor Project of investigations by Kyrgyz Republic instrumentalities; the terms pursuant to which the Mongolian Government will participate in, or to take a special royalty rate in, the Gatsuurt Project; the impact of constitutionalchanges in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian individuals and entities; the ability of the Company to successfully negotiate agreements for thedevelopment of the Gatsuurt Project; potential defects of title in the Company’s properties that 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 Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Centerra’s future exploration anddevelopment activities not being successful; Centerra not being able to replace mineral reserves; Aboriginal claims and consultative issues relating to the Company’s properties which are in proximity to Aboriginal communities; andpotential risks related to kidnapping or acts of terrorism; (C) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-pricedsales contracts for production at Mount Milligan, 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 resourcesestimates and the assumptions they rely on, 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 Companyfrom pursuing certain business activities or 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 marketconditions 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 (D) risksrelated to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the movement of the Davidov Glacier, waste and ice movement and continued performance ofthe buttress at the Kumtor Project; 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 atMount Milligan; 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 sodiumcyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest ordisturbance and the ability of the Company to successfully re-negotiate collective agreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’sproperties; long lead times required for equipment and supplies given the remote 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’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; competition for mineralacquisition opportunities; and risks associated with the conduct of joint ventures/partnerships; the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timingoverruns and project resources. See section titled “Risks that can affect our business” in Centerra’s 2016 Annual Information Form 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 ore reserves containing lower grades of mineralization uneconomic and may ultimatelyresult 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 and technological factorswhich 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 no assurances that any mineralresource estimate will ultimately be reclassified as proven and probable reserves. There can be no assurances that forward-looking information will prove to be accurate, as many factors and future events, both known and unknowncould 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 such forward-looking statements contained herein orincorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information.Forward-looking information is as of November 7, 2017. Centerra assumes no obligation to update or revise forward looking information to reflect changes in assumptions, changes in circumstances or any other events affecting suchforward-looking information, except as required by applicable law. Except as otherwise noted herein, Gordon Reid, Professional Engineer and Centerra’s Vice President and Chief Operating Officer, has reviewed and approved thescientific 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 the properties technical reports, which are available on SEDAR. Allfigures are in United States dollars unless otherwise stated.

Transaction Rationale

Acquiring a de-risked brownfield project in British Columbia and cash flowing royalty portfolio

• Enhances Centerra’s high-quality asset base in a world-class jurisdiction

− Kemess can be a future cornerstone asset that will further bolster Centerra’s strong development pipeline

− Cash flowing royalty portfolio underpinned by the high-quality Fosterville and Young-Davidson mines

• Near-term de-risked growth

− Over C$1 billion of surface infrastructure, EIA and first nation agreements in place

• Numerous value creation upside opportunities at Kemess

− Integration of Kemess Underground (“KUG”) and Kemess East (“KE”) has the potential to become a 20+ year mining operation through optimization studies and potential synergy opportunities

• High-quality, free cash flowing royalty portfolio

− Acquisition of a high-quality, free-cash flow generating royalties provides immediate incremental cash flow and potential for long-term upside from high-quality underlying assets

• Accretive to NAV, reserves and resources

• Strong balance sheet maintained

− Centerra holds in excess of US$350 million in cash to fund the acquisition and has secured a new US$125 million acquisition facility

− Positioned to build out Centerra’s pipeline of development projects

− Centerra plans to restructure its current debt facilities upon close of this transaction

3November 2017

Kemess Site Layout

Work Camp South Open Pit

Metallurgical Facility Kemess Underground & East Deposits

4

5

Transaction Summary

• Total transaction value of C$310 million

Consideration

• Each existing AuRico share outstanding at closing will be exchanged for C$1.80 in cash pursuant to a plan of arrangement

• 38% premium to AuRico’s closing price on November 6, 2017 and a 37% premium based on AuRico’s 20-day volume-weighted average price

Financing of Acquisition

• Cash on hand

• New US$125 million acquisition credit facility

Conditions• AuRico shareholder approval (66⅔% of shareholder votes cast)

• Customary regulatory and court approvals

Other

• Unanimous support from AuRico’s Board of Directors (subject to abstentions)

• AuRico’s Officers, AuRico’s Board of Directors and Alamos Gold, collectively representing 11.4% of common shares outstanding, have entered into voting support agreements

• Customary non-solicitation covenants and a C$12 million termination fee is payable in customary circumstances

Anticipated Timeline

• AuRico shareholder meeting in December 2017

• Expected to close in January 2018

Transaction Summary

November 2017

Source: Company Filings. Gold: Au; Copper: Cu.

6

Mt. Milligan MineAu, CuCanada

Kumtor MineAuKyrgyz Republic

Greenstone Project (50%)AuCanada

Öksüt ProjectAuTurkey

Gatsuurt ProjectAuMongolia

Kemess Underground and East ProjectsAu, CuCanada

Operations

Development

Molybdenum Asset

Producing Royalty AssetsFosterville(2.0% NSR)AuAustralia

Hemlo-Williams(0.25% NSR)AuCanada

Eagle River (0.5% NSR)AuCanada

Young-Davidson (1.5% NSR)AuCanada

Pro-Forma High-Quality Producing and Growth Assets

November 2017

7

Pro-forma Consensus Asset NAV by Geography(1)

Pro-forma M+I Resource (Inclusive) by Geography(3)Pro-forma Consensus Asset NAV by Stage

Pro-forma P+P Reserves by Geography(2)

Source: Company filings, AuRico Metals filings, and analyst estimates.(1) Does not include assets classified as ‘Other’.(2) See Reserves and Resources details on slides 22 and 27. Excludes royalties.(3) Resources are shown inclusive of reserves. Minerals resources that are not mineral reserves do not have demonstrated economic viability. Excludes royalties.

Canada55%

Kyrgyz Republic

33%

Turkey9%

Australia2%

Mongolia1%

U.S.0%

Producing70%

Development26%

Exploration4%

Canada57%

Kyrgyz Republic

29%

Turkey7%

Mongolia7%

Canada59%

Kyrgyz Republic

28%

Turkey5%

Mongolia8%

Diversified Portfolio with Balanced Geographical Profile

November 2017

8

Mount Milligan

Kumtor

Royalty Portfolio

Pro-Forma Free Cash Flow(US$MM’s)(1)

Consensus Asset NAV(US$MM’s)

Mount Milligan

Kumtor

Öksüt

Gatsuurt

Greenstone

Royalty Portfolio

Kemess

Pro-Forma Consensus Asset NAV

$138M

$113M

$10.5 to $11.0M

$945M

$855M

$230M

$160M

$270M

$110M

Mt. Milligan35%

Kumtor32%

Kemess10%

Öksüt8%

Greenstone6%

Royalties4%

Other4%

Gatsuurt1%

$40M

Pro-Forma Free Cash Flow by Asset (1)

Source: Centerra Gold and AuRico Metals filings, analyst estimates.(1) Mount Milligan and Kumtor Mine free cash flow figures based on Q3 2017 year-to-date operating cash flow less capital expenditures annualized for full-year 2017; AuRico Metals

royalties cash flow is based on published 2017E guidance.

Pro-Forma Asset Breakdown

Kumtor 43%

Mt. Milligan53%

Royalties4%

November 2017

Kemess: Low-Cost Brownfield Gold-Copper Project in British Columbia

Greenstone: Large Scale Open Pit Gold Project

Over C$1 billion of surface infrastructure, EIA and first nation agreement in place

KUG and KE optimization and potential synergy opportunities

One of Canada’s largest undeveloped open pit gold deposits

Bankable feasibility study completed, final EIS/EA filed and mine permitting work underway

9

Öksüt: High Margin Open Pit Heap Leach Gold Project

Funded, late-stage gold development project

Near-term high margin gold production

Gatsuurt: Open Pit Gold Project with Established Infrastructure

Updated feasibility study completed

Surface processing infrastructure in-place

Enhanced Project Pipeline

November 2017

10

Expected Catalyst Schedule

Kemess Underground EA Approval Received – Q1 2017

First Nations IBA Received – Q2 2017

Kemess Underground Permit Application

Anticipated – Q2 2018

Mount Milligan

KemessProject Tsay Keh

Kwadacha(Fort Ware)

Dawson Creek

Prince GeorgePrinceRupert

Terrace SmithersFort St. James

TaklaLanding Mackenzie

Kemess Project

Omineca Resource Access RoadForest Service Road

Kemess: De-Risked Brownfield Project(1)

0 200

Kilometers

100

Endako

• Established mining jurisdiction

• Advanced-stage− EA Approved, IBA in hand, FS complete

• Low-risk brownfield development

• C$1 billion of existing infrastructure− 25,000 tpd mill, road, power, tailings, rail load-

out, camp

• Sizeable resource− KUG: P&P of 1.9Moz gold and 0.6Blbs copper and

M&I (exclusive of P&P) of 3.3Moz gold and 1.2Blbs copper

− KE: M&I of 1.7Moz gold and 1.0Blbs copper

• Long life − 12 years at Kemess Underground plus further 12

years at Kemess East

• Highly marketable concentrate

• Robust Kemess Underground economics with significant upside

• Continued exploration success− Kemess East and Kemess Offset Zone

November 2017(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings.

11

Kemess Underground (Feasibility – 2016)(1)

• Reserves of 1.9Moz Au and 0.6Blbs Cu• LoM of 12 years at 106koz Au/p.a. and 47Mlbs/p.a. at

AISC(2) of $244/oz on a by-product basis • Environmental approvals and IBA received• Awaiting receipt of permit application

Kemess East (PEA – May 2017)(1)

• M&I resources of 1.7Moz and 1.0Blbs Cu• LoM of 12 years at 80koz Au/p.a. and 57Mlbs/p.a. at AISC(2)

of (US$69/oz) on a by-product basis• Additional ~12,000m of drilling planned for 2017

Kemess South (Past Producer: 1998 – 2011)

• ~C$1 billion of infrastructure in-place (including a 25,000 tpd mill, grid power, road, maintenance shop, etc.)

• Past production of 3.0Moz Au and 750Mlbs Cu− Brownfields opportunity significantly reduces risk

(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings.(2) AISC is a Non-GAAP measure

Kemess Overview

November 2017

12

Kemess Underground – 2016 Feasibility Highlights(1)

Mine Type Underground Block Cave

Avg. LOM Gold Production (koz) 106

Avg. LOM By-Product AISC (US$/oz)(2) $244

Reserve Mine Life 12

Development Capex (C$MM)(3) $604

P&P Au Reserves (Moz) 1.9

P&P Au Reserve Grade (g/t) 0.54

P&P Cu Reserves (Mlbs) 629.6

P&P Cu Reserve Grade (%) 0.27

After-tax IRR 12.6%

After-tax NPV5% (C$MM) $289

Kemess East– 2017 PEA Highlights(1)

Mine Type Underground Panel Cave

Avg. LOM Gold Production (koz) 80

Avg. LOM By-Product AISC (US$/oz)(2) ($69)

Reserve Mine Life 12

Development Capex (C$MM) $327

M&I Au Resource (Moz) 1.7

M&I Au Grade (g/t) 0.46

M&I Cu Resource (Mlbs) 954.0

M&I Cu Grade (%) 0.38%

After-tax IRR 16.7%

After-tax NPV5% (C$MM) $375

Kemess: Large, Low-Cost Production

KE Gold and Copper Production(1)KUG Gold and Copper Production(1)

November 2017

--

20

40

60

80

--

40

80

120

160

Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13

Cop

per

(Mlb

s)

Gol

d (k

oz)

Project Schedule YearAu Cu

0

20

40

60

80

--

40

80

120

160

Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17

Cop

per

(M

lbs)

Gol

d (

koz)

Project Schedule YearAu Cu

(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings.(2) AISC is a Non-GAAP measure(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.

13

• Optimization opportunities through the integration of KUG and KE− Economies of scale in ore processing, G&A, and site

services− Optimize tailings management− Optimize mining and development of KUG and KE to

access highest grade areas of both deposits during the early years

− Enhance recoveries by blending KUG and KE ore

• Exploration Upside− 2017 drill program consisting of ~12,000 metres at

Kemess East commenced in July 2017 with infill drilling and growth on outer edges of deposit

− Drill program to also target the high-grade Kemess Offset Zone, located between Kemess Underground and Kemess East

• Potential operational synergies with Centerra’s existing operations in British Columbia

Value Creation Opportunities at Kemess

November 2017

Source: Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings.

High-Quality Free Cash Flowing Royalty Portfolio

Producing Royalty

Non-Producing Royalty

Canada

USA

Mexico

Australia

Fosterville2.0% NSR

(Kirkland Lake Gold)

Young-Davidson1.5% NSR(Alamos Gold)

Hemlo-Williams0.25% NSR(Barrick Gold)

Eagle River0.5% NSR(Wesdome Gold Mines)

Stawell1.0% NSR

(Kirkland Lake Gold)

GJ & GJ NorthernBlock1.0% & 0.5% NSRs(Skeena Resources)

4Producing Royalties

19Total

Royalties

4Countries

Top-Tier Assets

World-Class Mining

Jurisdictions

Valued Operating Partners

14

Source: AuRico Metals filings.

Royalty Revenue (US$MM’s)

2016A 2017 Guidance

$8.1

$10.5 - $11.0

November 2017

Fosterville (2.0% NSR)

Mine Operator Kirkland Lake Gold

Mine Type Underground

2017 Production Guidance 250-260koz Gold

P&P ReservesM&I (exclusive)Inferred

1,190koz @15.3 g/t1,940koz @ 4.4 g/t1,040koz @ 5.8 g/t

Highlights• 12-year operating history with strong track record• Kirkland Lake Gold has revised Fosterville production

guidance upwards in FY2017 from 140-145koz to 250-260koz

• Achieved monthly production record in October of over 30koz

• Mineral reserves more than doubled at Fosterville with an 83% increase in average reserve grade from 9.8 g/t to 17.9 g/t in June 2017

• In-mine and step-out exploration is focused on accelerating conversion in three production horizons in the Swan Zone (reserves of 532koz at 58.8 g/t Au)

15Source: AuRico Metals, Alamos Gold and Kirkland Lake Gold filings.

Young-Davidson (1.5% NSR)

Mine Operator Alamos Gold




3,687koz @ 2.7 g/t1,246koz @ 3.1 g/t314koz @ 2.8 g/t

Highlights• 6-year operating history with strong track record• One of Canada’s largest underground mines• 15-year mine life based on year-end 2016 reserves• Large resource base and exploration potential to

support mine life extension• Achieved record gold production of 55.8koz ounces in

Q3/17 as the mine continues to ramp-up to 7,500 tpdthroughput, having achieved 6,544 tpd in Q3/17

Royalty Portfolio: Cornerstone Royalty Assets

November 2017

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

730 9,100 16,008 23,666 30,082 36,417 39,898 42,962

AIS

C, n

et (

US$

/oz

Au)

Cumulative Gold Production (koz Au)

75%

Centerra: Lower-Cost-Quartile Asset Base

16

AISC Industry Curve (By-Product Basis)

100%50%25%0%

Kumtor(US$737-764/oz)

Centerra Gold(US$705-741/oz Au)

• Kemess underground represents a potential fourth Centerra mine in the bottom quartile of global gold producers

• Royalty cash flow provides additional margin enhancement

Source: SNL Metals.Notes: Centerra AISC figures based on 2017 revised cost guidance, unless noted.(1) Kemess Underground based on LOM plan as per National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings.(2) Öksüt AISC based on LOM plan as per the NI 43-101 technical report dated September 3, 2015.

Mount Milligan(US$483-523/oz)

Öksüt(US$490/oz)(2)

Kemess Underground(US$244/oz)(1)

(1) 2017E AISC: Kumtor $737 to $764/oz, Mount Milligan $483 to $523/oz. All-in sustaining costs per ounce sold is a non-GAAP measures and is discussed under “Non-GAAP Measures” in the Company’s MDA & news release October 31, 2017.

(2) Based on September 30, 2017 balance sheet and new credit facility; excluding AuRico Metal’s cash balance.

Corporate Highlights

Internationally Diversified Gold Producer

Two Cornerstone Lower-Cost Quartile Assets

Gold Production up to 815kozpa gold at AISC1 of $705 to $741 per ounce and ~60M lbs of copper

Significant Operational Cash Flow Profile

Solid Late-Stage Development Pipeline

Current Cash Position of US$352MM2

Trading at a Discount to Peers, Potential Re-Rating

Liquidity of US$802MM2

Positive Retained Earnings of US$936MM2

17

Cash Reserves Profile (US$)(2)

Liquidity Profile (US$MM’s)(2)

Centerra: Built For Success

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 Q32017

Gol

d Pr

ice

(US$

/oz)

US$

Mill

ions

Cumulative Dividends Cash Balance Gold Price

$352

$150

$125

$125

$50

Cash Reserves Oksut Credit FacilityNew Credit Facility CBCH Revolver Credit FacilityEBRD Revolver Credit Facility

US$802MM


Appendices

19

Company Gold M&I Resources per US$1,000 Invested (Gold Ounces)(1)

Source: Company filings, AuRico Metals filings.(1) Calculated as total M&I gold resource (inclusive of P&P gold reserves) / market capitalization as at November 6, 2017. Based on Centerra current equity value.

Significant Leverage to Gold

17

1211

11 11

9

76 6 6

2

Yamana Pro-FormaCenterra

Kinross Detour New Gold IAMGOLD Alamos SEMAFO B2Gold SSR Mining Randgold

November 2017

20

Net Debt / 2017E EBITDA(1)

Source: Company filings, S&P Capital IQ.(1) Consensus Net Debt / 2017E EBITDA is calculated based on each company’s latest filings divided by the median research analyst estimate for that same company as at November 6, 2017.

Centerra based on pro-forma company cash and debt balances, and includes 2017E EBITDA estimates from both Centerra and AuRico Metals.

Attractive Debt Repayment Capacity

2.7x2.6x2.4x

0.7x0.5x

0.4x

(0.9x)(0.9x)(0.9x)(1.0x)

(1.6x)

B2GoldYamanaNew GoldDetourKinrossPro-FormaCenterra

AlamosSSR MiningRandgoldIAMGOLDSEMAFO

November 2017

21

Kemess Timeline

Copper Outlook

10

15

20

25

2015 2018 2021 2024 2027 2030

Mt

Base Probable Projects Primary Demand

Large ~6Mtdeficit expected by 2030

Deficit

Source: Wood Mackenzie.

Kemess Timeline – And Copper Outlook

November 2017

Classification Quantity(t)

Grade Contained Metal

Gold (g/t) Copper (%) Silver (g/t) Gold (koz) Copper (klbs) Silver (koz)

Proven and Probable

Proven - - - - - - -

Probable 107,381 0.54 0.27 1.99 1,868 629,595 6,878

Total P&P 107,381 0.54 0.27 1.99 1,868 629,595 6,878

Measured - - - - - - -

Indicated 246,400 0.42 0.22 1.75 3,328 1,195,300 13,866

Total M&I(1) 246,400 0.42 0.22 1.75 3,328 1,195,300 13,866

Inferred 21,600 0.40 0.22 1.70 277 104,700 1,179

Classification Quantity(t)

Grade Contained Metal

Gold (g/t) Copper (%) Silver (g/t) Gold (koz) Copper (klbs) Silver (koz)

Indicated

Potassic Strong 67,200 0.60 0.43 2.06 1,292 640,000 4,457

Potassic Moderate 40,000 0.27 0.32 1.81 352 286,000 2,336

Potassic Weak 5,100 0.19 0.22 1.45 31 24,000 238

Phyllic + Propylitic 800 0.20 0.21 1.40 5 4,000 36

Total Indicated 113,100 0.46 0.38 1.94 1,680 954,000 7,066

Potassic Strong 15,200 0.51 0.41 2.05 249 137,000 1,003

Potassic Moderate 41,900 0.26 0.34 1.91 353 311,000 2,579

Potassic Weak 6,000 0.17 0.20 1.42 32 27,000 274

Phyllic + Propylitic 700 0.24 0.21 1.42 6 3,000 33

Total Inferred 63,800 0.31 0.34 1.90 640 478,000 3,889

Kemess Underground

Kemess East

Source: Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East available in the AuRico Metals filings. Refer to Slide 28 “NI 43-101 Disclosure”.(1) M&I resources are inclusive of reserves.

22

Kemess: Reserves & Resources

November 2017

23

Fosterville (2.0% NSR)

Mine Operator Kirkland Lake Gold




1,190koz @ 15.3 g/t1,940koz @ 4.4 g/t1,040koz @ 5.8 g/t

Highlights• Achieved monthly production record of over 30koz in October • Mineral reserves more than doubled with an 83% increase in

average reserve grade

Young-Davidson (1.5% NSR)

Mine Operator Alamos Gold





Highlights• One of Canada’s largest underground mines• 15-year mine life based on year-end 2016 reserves• Open at depth

Hemlo – Williams (0.25% NSR)

Mine Operator Barrick Gold





Highlights• 73% increase in reserves announced in February 2017• Has been producing for 30+ consecutive years

Eagle River (0.5% NSR)

Mine Operator: Wesdome Gold Mines

Mine Type Open Pit


P&P ReservesInferred

344koz @ 9.2 g/t85koz @ 8.1 g/t

Highlights• Continuous production since 1995 (>1Moz)• Significant upside from continued exploration of identified ore

zones (incl. 300 Zone)

Producing Royalties

November 2017

Source: AuRico Metals, Alamos Gold, Kirkland Lake Gold, Barrick Gold and Wesdome Gold Mines filings.

24

Asset Date Acquired(1)

Primary Metal Location NSR Rate Operator Notes

Boulevard Mar-17 Gold Yukon 1.00% Independence Gold Adjacent to Goldcorp’s Coffee project

Cumobabi Mar-17 Copper Mexico 0.50% Evrim Resources Under option to First Majestic Silver

East Timmins Mar-17 Gold Ontario 0.50% Kirkland Lake Gold

19 near-mine targets & 81 regional targets (claim progressing in court)

Eskay Creek Area Dec-16 Gold/Silver British Columbia 0.50% Eskay Mining Corp

Area surrounding past producing Eskay Creek mine and near to Brucejack and KSM

GJ / GJ Northern Block Dec-16 Gold/Copper British Columbia 0.98% / 0.49%

Skeena Resources

PEA released April 2017; M&I resources of 2.1Moz Au and 1.2Blbs Cu

Goodpaster Mar-17 Gold Alaska 1.00% MillrockResources Eligible for advanced royalty payments

Grizzly Sept-17 Copper/Gold British Columbia 1.00%International

Samuel Exploration

Located in BC’s Golden Triangle

Hemlo – David Bell Sept-15 Gold Ontario 1.50% Barrick Gold Historic operation – adjacent to Williams (on strike)

Leviathan Jul-15 Gold Australia 1.00% Kirkland Lake Gold Exploration stage

Madsen Area Dec-16 Gold Ontario 1.00% Frontline Gold Exploration stage

Mt. Dunn Mar-17 Copper/Gold British Columbia 2.00% MetallisResources Located in BC’s Golden Triangle

Rainy River Area Feb-17 Gold Ontario 0.75% Private Exploration stage

RDN Mar-17 Gold British Columbia 1.33% Aben Resources Located in BC’s Golden Triangle

Red Lake Area Mar-17 Gold Ontario 1.00% Frontline Gold Exploration stage

Stawell Jul-15 Gold Australia 1.00% Kirkland Lake Gold

Care & Maintenance / “operationally ready”; P&P of 132koz and M&I of 114koz

Source: AuRico Metals filings.(1) Date AuRico Metals acquired the royalty.

Non-Producing Royalties

November 2017

Centerra: 2017 Revised Guidance

25

2017 Gold Production 2017 Copper Production2017 All-in Sustaining Costs on a By-product

basis1

(ounces) (millions pounds) (per ounce sold)

Kumtor Mine 540,000 – 560,000 - $737 – $764

Mount Milligan 235,000 – 255,000 55 – 65 $483 – $523

Centerra 775,000 – 815,000 55 – 65 $705-$741

(1) Non-GAAP measure discussed under “Non-GAAP Measures” in the Company’s MD&A and news release dated October 31, 2017.(2) Greenstone growth capital includes capitalized amounts for Premier’s 50% share of the Greenstone costs funded in full by Centerra.

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

2017

(millions)

Exploration $10.5

Corporate Administration $35

Community Investment $5

November 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 October 31, 2017.

(3) The Company has recalculated the sensitivities for its revenues, earnings and cash flows for the remaining three months of 2017 to movements in copper price changes following the commencement in the first quarter of 2017 of a hedging program to mitigate copper price risk by purchasing fixed price forward sales contracts and zero-cost collar.

Centerra: 2017 Guidance Sensitivities

26

Material Assumptions and RisksMaterial assumptions or factors used to forecast production and costs for the remaining three months of 2017 include the following:• a gold price of $1,275 per ounce,• a copper price of $2.90 per pound,• exchange rates:

• $1USD:$1.25 CAD,• $1USD:68.5 Kyrgyz som,• $1USD:0.84 Euro,

• diesel fuel price assumption: • $0.44/litre at Kumtor,• $0.65/litre at Mount Milligan.

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 1.3 – 1.6 8.9 – 10.5 7.6 – 8.9 7.6 – 8.9 - Copper Price(3) 10% 0.4 0.1 – 1.6 0.1 – 1.2 0.1 – 1.2 0.1 – 1.9 Diesel Fuel 10% 2.1 - 2.1 2.1 2.6 – 2.7

Kyrgyz som(1) 1 som 0.5 - 0.5 0.5 0.6 – 0.7

Canadian dollar(1) 10 cents 6.0 - 6.0 6.0 7.3 – 7.6

November 2017

Centerra: Mineral Reserves - Proven & Probable(1)

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

27(1) As at December 31, 2016, see Mineral Reserves and Resources News Release February 23, 2017. Refer to Slide 28 “NI 43-101 Disclosure”.November 2017

NI 43-101 Disclosure

28

Centerra Qualified Person and QA/QC

All production information and other scientific and technical information in this presentation with respect to Centerra and its assets were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and were prepared, reviewed, verified and compiled by Centerra’s geological and mining staff under the supervision of Gordon Reid, Professional Engineer and Centerra’s Vice-President and Chief Operating Officer, who is the qualified person for the purpose of NI 43-101. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

REFER TO CENTERRA’S ANNUAL INFORMATION FORM DATED MARCH 31, 2017, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND RESERVE STATEMENTS QUOTED HEREIN.

AuRico Metals Qualified Person and QA/QC

John Fitzgerald, Chief Operating Officer for AuRico Metals Inc. has reviewed and approved the scientific and technical information with respect to AuRicoMetals and its assets contained within this presentation. Mr. Fitzgerald is a “Qualified Person” as defined by National Instrument 43-101.

REFER TO AURICO METALS’ ANNUAL INFORMATION FORM DATED FEBRUARY 13, 2017, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND RESERVE STATEMENTS QUOTED HEREIN.

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