A Probable Mineral Reserve refers to the economically mineable part of an indicated resource which is validated by at least a pre-feasibility study. The level of confidence for probable mineral resources is lower than that of a proven mineral resource. In business valuation analytics, a Probable Mineral Reserve qualifies as an intangible asset because it can be recognised and separated. Besides, the associated economic benefits can be 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 probable mineral reserves, business valuators apply techniques under the income, market and asset methods.