According to City broker Investec, Afferro Mining remains well funded to pursue its exploration activities in Cameroon.

In a note following the release of the explorer's Q3 financials analyst Mr Hunter Hillcoat said that the period was in line with expectations.

The sale of Afferro's stake in the Putu project in Liberia has provided the company with a significant cash boost and at the end of the Q3 it had USD 44 million in cash plus nearly USD 10 million in escrow pending the outcome of a tax dispute with the government.

At least another USD 50 million is due from the sale in June 2013.

Repeating a buy recommendation Hillcoat highlights that with a market value of equating to USD 108 million, Afferro's value is almost entirely supported by its total cash and receivables.

The analyst said that "The Company remains well funded to pursue exploration activities on its 100% owned assets in Cameroon, assets that in our view have excellent strategic value as regional infrastructure development plans are advanced."