Pennine Petroleum Corporation provided an update on the status of the previously announced Conditional Approval of the Earn-in Agreement. As announced on January 17, 2022, the TSX Venture Exchange granted Pennine Conditional Approval of the Earn-in 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 Exchange's Policy 5.3. The Corporation announced that the Exchange has accepted the NI 43-101 technical report (the "Report") on the property.

Obtaining the Report in such a short time is not only a credit to the perseverance of both Techshed and Pennine but also shows that the necessary technical skills are readily available in Zimbabwe. Given that the Report was a major element of the filing requirements, the Corporation expects that the Exchange will now grant Final Approval of the Agreement in the next few days. The Report will be filed on SEDAR and made available on the Pennine website following Final Approval.