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Replying to @brentwgraham and @crowd_supply

It did! The curve is interesting: the voltage dips a bit at the outset before settling into its nominal range. This discharge curve is for a 97 µA load, which is higher than the watch; still you can see where it sags for a bit before settling in at 2.95 V: https://data.energizer.com/pdfs/cr2016.pdf

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