Noaloxx is an anti-oxidant. It protects bare metal against oxidation and removes the oxidation that occurs on the bare metal threads. Oxidation occurs to bare metal when exposed to oxygen; essentially the same process as rust occuring on bare metal.
Failure to use an anti-oxidant on a routine basis can allow oxidation to build up on the bare metal in the threads, and if excessive could result in "locking up" of the battery cap on the Provari.
Allowing oxidation and dirt to accumulate in the threading can result in electrical issues with the Provari, as the cap and body are part of the electrical circuit. Some error codes or a flashing low battery light (with a fully charged battery) can often be solved by doing a cleaning of the threads of the battery cap.
I've not read where Noaloxx actually itself improves electrical conduction, and don't suggest using it on the battery contacts, the batteries, hot spring, nor top connector pin. Only use the highest % isopropyl alcohol you can find to clean those.
A little bit of Noaloxx goes a long way. A Qtip full is plenty. I smear it on the cap threads, apply the cap on the Provari, and work the Noaloxx in by twisting the cap back and forth. Then take a paper towel and remove the excess. A little bit of Noaloxx left behind that is in the threads is fine to leave there.