Early last year Canaccord placed an estimate of 15 years on Mt...

Early last year Canaccord placed an estimate of 15 years on Mt Cattlin.

2 things to consider.
1) Mine is now operating at twice the production rate (so halve that LOM).
2) Mt Cattlin has yet to focus on drilling.

Unlike other companies Galaxy has jumped straight into production without drilling out the tenement. There was only a brief spot of drilling prior to mid year.
It seemed to conclude around the time the take over was announced.
Pegamatites are open to the east and at depth.

The whole area is pegmatite rich and we have guidance that a new drilling campaign is about to commence. I think the strategy for last year was good. Why spend valuable time and money on drilling right now when there was plenty on the plate and enough to get cracking with.
Over time we need to have a path forward for more ore.

That is where the 3rd thing to consider comes in - and that is found in the list of tenements in the last report.
I was guided to research these a lot more by @Thesi.
The one to really pay attention to is Bakers Hill.
Its 20km to the south of MC and could represent the next phase for mining at Mt Cattlin that gives it a vastly longer life span. My guess is that due to the trucking distance to process the ore that this is being kept up the sleeve, until Mt Cattlin's easy stuff has been exhausted.

But
Check out some of the info from 2009 on this tenement picked up by Iggy Tan

"Galaxy is also pleased to announce that its tenement application E74/415, which covers a large area (around 3km x 3km) of subcropping pegmatite in the Bakers Hill area has been approved by the Department of Mines and Petroleum.
Previous work suggests that the pegmatites are zoned and contain lithium alteration and tantalum mineralisation. Individual pegmatite outcrops extend over 1km in strike length and 500m in width, with thicknesses varying from 10 to 20m.
"While our focus in the short term is the development of the Mt Cattlin project, we see great benefit in strengthening our tenement portfolio in the Ravensthorpe region," said Mr Tan.
With the tenement application E74/415 now approved by the Department of Mines and Petroleum, we are able to follow up previous work completed in the area. We believe Bakers Hill has the potential to hold a large-scale lithium-tantalum resource similar to that at Mt Cattlin," he said.
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00940438

Thanks for the tip @Thesi
There is also another tenement (unfortunately) called Floater nearby which may also yield good results as well.