The Facility is secured by the Öksüt assets and is non-recourse to Centerra. The 5.75-year term facility of up to $150 million is fully underwritten by UniCredit Bank AG as sole mandated lead arranger and bookrunner.

The interest rate is LIBOR plus 2.65% to 2.95% (dependent on project completion status) with no mandatory gold hedging requirements. Advances under the Facility are subject to customary conditions precedent including receipt of applicable project permits and approvals.

OMAS will use the Facility to finance a substantial portion of the construction, development and operation of the Öksüt gold mine and its related infrastructure in the Kayseri region of central Turkey.

Scott Perry, Chief Executive Officer of Centerra Gold stated, "We are pleased to have been able to arrange this attractive non-recourse project financing to fund a substantial portion of the development and construction of the Öksüt Project.

"This is a testament to the robustness and strength of the Öksüt Project. This facility will provide us with continued financial flexibility and help maintain our balance sheet strength to enable us to deliver on our growth pipeline."

Highlights of the Öksüt feasibility study and life-of-mine plan (LOM)(1) include:

Average annual gold production of 155,000 ounces in the first four years.

Life-of-mine gold production of 895,000 ounces.

All-in sustaining cost(2) of $490 per ounce.

All-in cost including taxes(2) of $777 per ounce for the project.

Payback of the $221 million construction capital and pre-production expenditures is expected to be 2.5 years after production begins.

After-tax net present value (NPV) of $242 million using an 8% discount rate and the project has a 42.5% project internal rate of return (IRR).

Öksüt feasibility study and life-of-mine plan assume a gold price of $1,250 per ounce.

Non-GAAP measure. See description of "Non-GAAP Measures" in the Company’s Management Discussion & Analysis (MDA) filed on SEDAR.