Just an estimate What is described below is just an estimate and based on the VR entities actually having 222,928,470 shares.
I would like to see the VR Entities take a JV interest in Energizer's Madagascar -Green Giant Graphite and Vanadium Properties- by surrendering a percentage of their share holdings to Energizer for a similar percentage in the JV.
Energizer would hold the shares tendered in their treasury for future developments of the properties. Perhaps JP Morgan, Chase might also join the JV, if not, they might provide the mine development loan. DRA could handle the mining part of JV partners interest.
Lets say that VR takes a 50% interest in the JV. It would mean that VR would have to give up half of Energizers 344,135,670 shares or 172,067,835 shares leaving VR with (222,928,470 - 172,067,835) or 50,860,635 shares of Energizer. Furthermore,if the Security Registration Statement of 06/19/2015 hasn't changed, then JP Morgan, Chase has 33,393,600 shares and Energizer Company Insiders have 34,516,000 shares. If such a JV occurred those closely held shares would amount to roughly (50..86 + 33.39 + 34.52) or 118.77 Million shares. With the 172.07 Million shares tended to Energizer for VR's 50% JV interest it would make (172.07 + 118.77) or 290.84 shares leaving only about 53.37 Million shares for trading.
If such a JV as described above occurred, one could imagine the upward pressure on the share price of which Energizer would have 172.07 in its treasury.