A Proven Mineral Reserve refers to the economically mineable part of a measured resource which has been validated by at least a pre-feasibility study. The level of confidence for proven mineral resources is higher than that of a probable mineral resource. In business valuation analysis, a Proven Mineral Reserve qualifies as intangible assets because they can be recognised and valuators can accurately 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 mineral reserves, business valuators apply techniques under the income, market and asset methods.