08:58 AM EDT, 06/19/2024 (MT Newswires) -- NioBay Metals ( NBYCF ) overnight Tuesday welcomed Canada's decision to add phosphorus in its list of critical minerals essential to the country's energy and economic transition.

"This development perfectly supports our Foothills project, acquired in partnership with (VIO.V), for its strong potential in critical and strategic metals," said Jean-Sebastien David, NioBay's president and CEO.

The company said the Foothills project contains phosphate-rich samples.

NioBay also said that tantalum and niobium, which were already on the critical minerals list, will now provide additional tax credits.