So, correct me if I'm wrong, but the feat and class feature in the title combine in an interesting way. Maybe I'm wrong? Was this intended?
Unified Magical Theory allows you to use "Drain Bonded Item" 1 per day per spell rank.
So, if you're a third level wizard, you could use the "Drain Bonded Item" action once for a Rank 1 spell, and a second time for a Rank 2 spell.
The feat "Bond Conservation" works when you use the "Drain Bonded Item" action - something you can normally only do once per day... except that UMT wizards can do it up to 9 times a day once they have 9th Rank Spells.
Also... even if you aren't a UMT wizard, it would seem that once you're high enough level you can use this feat/action recursively.
Cast 9th Rank Spell w/ "original" use of Drain Bonded Item-> Use Bond Conservation -> "You gain an extra use of Drain Bonded Item... 2 ranks lower" ->
Cast 7th Rank Spell w/ Drain Bonded Item -> Use Bond Conservation -> "You gain an extra use of Drain Bonded Item... 2 ranks lower" ->
Cast 5th Rank Spell w/ Drain Bonded Item -> Use Bond Conservation -> "You gain an extra use of Drain Bonded Item... 2 ranks lower" ->
Cast 3rd Rank Spell w/ Drain Bonded Item -> Use Bond Conservation -> "You gain an extra use of Drain Bonded Item... 2 ranks lower" ->
Cast 1st Rank Spell w/ Drain Bonded Item
But if you're a UMT wizard, you can run the same above routine for EACH spell rank that you have.
https://imgur.com/ArabdrZ This imgur link takes you to a screen shot of the relevant rules text for these three features.