An Inferred Mineral Resource refers to the quantity and grade or quality of a mineral resource backed by geological evidence. Due to the uncertainties involved, not all components of an inferred resource may be upgraded to an Indicated Resource through continued exploration at which point the actual resource availability is validated. In business valuation analysis, an Inferred Mineral Resource qualifies as an intangible asset because it can be recognised, separated, and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet can offer immense value to owners. To estimate the fair market value of intangible assets such as an inferred mineral resource, business valuation analysts apply techniques under the income, market and asset methods.