Chances at an exotic weapon are about 25%
Chances at an exotic armor are about 25% too
Chances of getting a SPECIFIC weapon or armor are roughly 1-2%, yes.
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Sorry, I meant to say my odds at a specific exotic weapon is 1-2%. Thanks for clarifying. I've been chasing Hawkmoon for months, and now I see why it is almost impossible acquire.
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I was lucky enough to get 2 Hawkmoon. I'm still missing ghorn though