HI, A10
Yup it looks as if the camring is in upside down!!!!!
The slot should be at the bottom, the peg limits the travel
They can be weird to the uninitiated
The cable end fitting should fit into a slot on the outside of the ring to turn it
Its very easy for the ring to move outwards a little and lose connection with the cable fitting
Its the end cover which holds the camring in place,
It looks like your mag has the bakelite type end cover, (not screw on) some pattern ones of these dont hold in the camring in place properly
They can be modded to make them work correctly
HTH
John O R