There are efforts underway to make lithium recycling effective at commercial scale, but the current chemistry of it and the current (low) cost of lithium metal means that not much is happening in this domain at the moment. Still, I would expect commercial lithium metal recycling long before before we are even remotely close to exhausting lithium stocks.
In addition, as of now cobalt and nickel are actually more valuable: https://waste-management-world.com/a/1-the-lithium-battery-r....
There are efforts underway to make lithium recycling effective at commercial scale, but the current chemistry of it and the current (low) cost of lithium metal means that not much is happening in this domain at the moment. Still, I would expect commercial lithium metal recycling long before before we are even remotely close to exhausting lithium stocks.