Pambili Natural Resources Corporation V.PNN

Update on conditional approval of earn-in agreement

[Let5MakeMoney]

CALGARY, Canada (March 4, 2022) Pennine Petroleum Corporation ("Pennine" or "the Corporation") (TSX-V: PNN) provides an update on the status of the previously announced Conditional Approval of the Earn-in Agreement, and on the Private Placement. Earn-in agreement As announced on January 17, 2022, the TSX Venture Exchange (the Exchange) granted Pennine Conditional Approval of the Earn-in Agreement (the Agreement) signed with Techshed Investments (Private) Limited which owns and operates a producing gold mine in Zimbabwe. Final Acceptance of the Agreement was conditional on Pennine satisfying the filing requirements outlined in Section 5 of the Exchanges Policy 5.3. Having submitted the required information, the Corporation is now addressing comments raised by the Exchange in respect of the NI 43-101 technical report (the Report) on the property and expects to be able to submit a revised report shortly. Private placement Given the ongoing review of the Section 5 documentation, Pennine has also requested a further extension of the Closing of the Offering from Feb. 28, 2022 to March 31, 2022, and the Corporation expects this extension will be approved by the Exchange when they issue Final Acceptance of the Agreement. -30- About Pennine Petroleum Corporation: Pennine Petroleum Corporation is a natural resources exploration and development company (www.penninepetroleum.ca) currently active in the Canadian province of Alberta, and soon to be active in the Republic of Zimbabwe. For further information, contact: Pennine Petroleum Corporation Jon Harris (CEO) T: [phone] E: [e-mail] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.