diff --git a/dep_freshness/parsers/rust.py b/dep_freshness/parsers/rust.py
index bb69075..0d01a59 100644
--- a/dep_freshness/parsers/rust.py
+++ b/dep_freshness/parsers/rust.py
@@ -4,11 +4,14 @@ A dependency is either a bare string (`serde = "1.0.229"`) or a table with a
 `version` key; path and git dependencies have no registry version and are
 skipped. Cargo's bare `"1.0"` is a caret range, so only a full three-part
 version counts as pinned — `"1.0"` is reported unpinned, which is correct.
+Cargo's own exact operator is a single `=` (`"=1.0.229"`), which the shared
+EXACT regex does not know (it spells pip's `==`), so it is stripped here.
 """
 
 from __future__ import annotations
 
 from pathlib import Path
+
 import tomllib
 
 from dep_freshness._tables import CARGO
@@ -40,12 +43,18 @@ def parse(path: Path) -> list[Dep]:
                 constraint = str(spec)
             if not constraint:
                 continue
-            pinned = exact_pin(constraint)
+            pinned = exact_pin(constraint.strip().removeprefix("="))
             if pinned and pinned.count(".") < 2:
                 pinned = None  # "1.0" is a caret range in Cargo, not a pin
-            deps.append(Dep(
-                ecosystem=CARGO, name=str(name), constraint=constraint,
-                path=path, line=lines.get(str(name), 0), pinned=pinned,
-                dev=is_dev,
-            ))
+            deps.append(
+                Dep(
+                    ecosystem=CARGO,
+                    name=str(name),
+                    constraint=constraint,
+                    path=path,
+                    line=lines.get(str(name), 0),
+                    pinned=pinned,
+                    dev=is_dev,
+                )
+            )
     return deps
diff --git a/dep_freshness/tests/test_parsers.py b/dep_freshness/tests/test_parsers.py
index f5e7c4b..44a9cfe 100644
--- a/dep_freshness/tests/test_parsers.py
+++ b/dep_freshness/tests/test_parsers.py
@@ -63,7 +63,7 @@ def test_a_missing_lockfile_is_a_library_not_a_violation(tmp_path):
 
 def test_pubspec_reads_the_lockfile_when_one_is_committed(tmp_path):
     write(tmp_path, "pubspec.yaml", PUBSPEC)
-    write(tmp_path, "pubspec.lock", "packages:\n  http:\n    version: \"1.5.0\"\n")
+    write(tmp_path, "pubspec.lock", 'packages:\n  http:\n    version: "1.5.0"\n')
     deps = _by_name(pubspec.parse(tmp_path / "pubspec.yaml"))
     assert deps["http"].locked == "1.5.0"
 
@@ -84,7 +84,8 @@ def test_requirements_bare_names_parse_as_unpinned(tmp_path):
 
 def test_requirements_handles_extras_markers_and_pins(tmp_path):
     path = write(
-        tmp_path, "requirements.txt",
+        tmp_path,
+        "requirements.txt",
         'ruff==0.16.5\nuvicorn[standard]==0.30.0\nfoo>=1.0 ; python_version>"3.9"\n',
     )
     deps = {d.name: d for d in python.parse_requirements(path)}
@@ -94,7 +95,10 @@ def test_requirements_handles_extras_markers_and_pins(tmp_path):
 
 
 def test_pyproject_reads_project_and_group_dependencies(tmp_path):
-    path = write(tmp_path, "pyproject.toml", """\
+    path = write(
+        tmp_path,
+        "pyproject.toml",
+        """\
 [project]
 requires-python = ">=3.10"
 dependencies = ["httpx==0.28.1"]
@@ -102,7 +106,8 @@ dependencies = ["httpx==0.28.1"]
 dev = ["pytest==8.4.2"]
 [dependency-groups]
 lint = ["ruff==0.16.5"]
-""")
+""",
+    )
     deps = {d.name: d for d in python.parse_pyproject(path)}
     assert deps["httpx"].pinned == "0.28.1"
     assert deps["pytest"].pinned == "8.4.2"
@@ -123,18 +128,21 @@ def test_a_package_manager_without_a_version_is_ignored(tmp_path):
 
 
 def test_peer_dependencies_are_marked_as_such(tmp_path):
-    path = write(tmp_path, "package.json",
-                 '{"peerDependencies": {"react": ">=19"}}')
+    path = write(tmp_path, "package.json", '{"peerDependencies": {"react": ">=19"}}')
     assert javascript.parse_package_json(path)[0].peer
 
 
 def test_package_json_reads_engines_and_overrides(tmp_path):
-    path = write(tmp_path, "package.json", """\
+    path = write(
+        tmp_path,
+        "package.json",
+        """\
 {"engines": {"node": "24.20.0"},
  "dependencies": {"react": "19.2.0", "local": "workspace:*"},
  "devDependencies": {"vitest": "^4.1.10"},
  "resolutions": {"semver": "7.7.1"}}
-""")
+""",
+    )
     deps = {d.name: d for d in javascript.parse_package_json(path)}
     assert deps["node"].pinned == "24.20.0"
     assert deps["react"].pinned == "19.2.0"
@@ -144,18 +152,28 @@ def test_package_json_reads_engines_and_overrides(tmp_path):
 
 
 def test_cargo_treats_a_two_part_version_as_a_range(tmp_path):
-    path = write(tmp_path, "Cargo.toml", """\
+    path = write(
+        tmp_path,
+        "Cargo.toml",
+        """\
 [dependencies]
 serde = "1.0.229"
 loose = "1.0"
 local = { path = "../x" }
 tabled = { version = "0.20.0" }
-""")
+bevy = "=0.19.1"
+exact_table = { version = "=1.2.3", features = ["x"] }
+""",
+    )
     deps = {d.name: d for d in rust.parse(path)}
     assert deps["serde"].pinned == "1.0.229"
     assert deps["loose"].pinned is None
     assert deps["tabled"].pinned == "0.20.0"
     assert "local" not in deps
+    # Cargo's real exact operator; the constraint keeps the `=` for the report.
+    assert deps["bevy"].pinned == "0.19.1"
+    assert deps["bevy"].constraint == "=0.19.1"
+    assert deps["exact_table"].pinned == "1.2.3"
 
 
 def test_fvmrc_channel_is_not_a_version(tmp_path):