Took a bit of time to learn how PMIC works and realized that it was never initialized to operate in Hibernate mode.
Please add these 3 lines of code in the ‘deep_sleep’ example prior to calling the hibernate function.
// next 3 API calls should've been part of the init cycle.
// However, SHIP_BASE was not initialized ever.
// Initializing here to ensure Hibernate mode works as expected
ret = mfd_npm1300_reg_write(pmic, SHIP_BASE, SHIP_OFFSET_CONFIG, 3U);
ret = mfd_npm1300_reg_write(pmic, SHIP_BASE, SHIP_OFFSET_LPCONFIG, 0U);
ret = mfd_npm1300_reg_write(pmic, SHIP_BASE, SHIP_OFFSET_CFGSTROBE, 1U);
/* set hibernate mode and power down */
ret = mfd_npm1300_hibernate(pmic, 60000);
`
I can confidently say that this issue has been resolved