Come Tuesday 15th the vanguard quartermaster will exchange old for new. Or if you want to gain rep with a faction you can donate it to them as of now.
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When I go to future war cult of dead orbit they don't show it as an option, but thank you! I can save it for the new armor material on Tuesday
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Sorry think it comes up if you buy an allegiance with the faction, but you're then stuck with them for at least a week unless you abandon it.