Critical raw materials (CRMs) are of primary importance for energy storage systems as needed for electromobility. Many mineral deposits which contain CRMs are low-grade ores. To liberate the CRMs, a grinding of the mineral ores to very fine sizes below 20 µm particle size is necessary. However, the present class of industrial flotation plants fail to extract such fine and ultrafine particles. To improve the recovery in fine particle flotation, techniques have been developed which attempt to agglomerate the fine valuable particles into larger aggregates which subsequently can be separated by established technologies such as froth flotation. Carrier flotation is one of these techniques. The present work reviews the state of the art of this technique for the recovery of fines and ultrafines.