Chaos to Exalts Trinket not working, speculation

I've run close to a hundrend plus contracts and tens to hundreds of blueprints with multiple chaos rooms, and I've dropped hundreds to thousands of chaos from the chests alone, and not a single one has turned into an exalt. The other functions of the trinket is working (Chromatics into Jewellers), but I feel like if this trinket worked I would have dropped *at least* one exalt by now.

Not sure how to actualyl show the item on here, but it does have "1% chance in heists for chaos orbs to drop as exalted orbs instead", and I do have it equipped on my character in the trinket slot.

Could this just be really bad luck? I'm suspicious.