A Mineral Resource is the existence of valuable deposits of materials in or on the earth's crust which has the potential to be extracted to realise economic benefits. A Measured Mineral Resource refers to a mineral resource for which the quantity, grade or quality, densities, shape, physical characteristics, and other critical elements have been validated by at least a pre-feasibility study. In business valuation analysis, a Measured Mineral Resource qualifies as an intangible asset because it can be recognised and valuators can reliably measure the associated economic benefits. 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 a measured mineral resource, business valuation analysts apply techniques under the income, market and asset methods.