I suppose the simple answer to your question is, as for all junior explorers, as long as they need to until they go into production or out of business.
In UCL's case, assuming the apparent strong likelihood of Sandpiper being a successful project we would be looking at roughly 2.5 to 3 years until first production at a guess. So opex capital fundraising could go on until then.
My assumption there would be most of this year to do the feasibility study and then set up to go within 18 months from then - it's a very basic operation being dredging not mining. As the activities report indicated it has many attractive aspects.
Regarding the amount on admin for the quarter, it's higher than I was expecting. If I have time next week I might give the company a call and ask a couple of questions as my impression was with the loss of Dr Reid's salary and cuts to the board admin costs should have dropped considerably. Perhaps there were run off costs with the changes?
UCL Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
