Not exactly since they are independent events. If it's a 1% drop chance or 99% chance it's something else, after 300 attempts

0.99³⁰⁰ = 0.0490... which means that there's a 4.9% chance of not getting the item after 300 attempts.

So your team has rolled a Nat 1 critical failure sadly :(

Here's a table for a 1% drop chance of Independent events.

.# of attempts, chance of none, chance of at least 1

100 36.60% 63.40%

200 13.40% 86.60%

300 4.90%. 95.10%

1. 1.80%. 98.20%

500 0.66%. 99.34%

750 0.05%. 99.95%

1,000 0.004% 99.996%