And let's not forget about all the problems that "innovative" methods of oil extraction such as fracking have created, over and above the fact that it's provided more oil to burn. Lithium mining itself is already an environmental disaster, and it seems highly unlikely that increased demand for the product is going to improve the environmental impact of extracting it. You know, tragedy of the commons and all. The fact that "peak oil" came and went is not a capitalist success story.
A comparable case in point: commercial space launch companies. Arguably, commercial large-scale aviation, too.
It's not only about money-expensive. If it gets more energy-expensive to produce/store/route/... energy than the amount of energy we end up with in the end, the game is over.
So, in practice, there are limits to reserves. There is, of course, the possibility that these limits can change with new technologies, which in turn depends on money-cost as you mention.
It does not exclude easily accessible material. It only excludes material not assessed yet because there has been no need to, as existing reserves will last more than long enough to perform further surveys.