The graph is a little misleading in most cases. Elements are generally subject to recovery. Uranium is the exception, since it is the only one whose major consumption results in less uranium and more things that are not uranium.
For the rest of the elements, the chart actually depicts how long current resources will last at current prices, using current extraction methods. Beyond that, the question becomes how far we are willing to go for recovery, how much it costs and how much we're willing to pay.
Nobody is currently buying back outdated cell phones to recover the Tantalum. Nobody is mining landfills because it's still cheaper and safer to mine the Earth directly. Nobody is coming up with alternatives for materials that are still cheaper than the alternative would be.
It is certainly a matter of some concern that some elements will be in such short supply that they will become too expensive to be practical for their intended purpose, or that eventually consumption of some elements will continue to increase until all plausibly recoverable samples are in use at any given time, but those dates would be much farther out than what is listed on that chart.
Don't construe any of this to imply I think proactive conservation is a bad idea. On the contrary, I think it's a very good idea to foresee and attempt to cushion what would otherwise be the surprisingly sudden impact of what seem very modest year-on-year increases in consumption. "Letting the market handle it" is a little like driving to work with your eyes closed and "letting physics handle it." It just isn't the absolute doomsday scenario a graph like that one might suggest.