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Typ how these systems work is they shunt some of the power to ground to maintain set output voltage. Alt is always putting out full power, some to ground, some to what every is needing D.C. power to operate.
NO specific fix being offered but some times knowing how something works help in determining what and how to test.
* does input voltage vary when output is connected or disconnected?
* has ground connection from reg to either battery or engine been tested? Could be separate wire or reg case.
* how did you discover battery not being charged? Is it possible your meter isn't working correctly?
* battery voltage of 12.9 is higher than it should be IF there is NO charging taking place. Shouldn't be any charging taking place with output voltage <9V.
Hope this gets you started on some additional thinking, testing.
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Yanmar FX 24D
Yanmar RS 1300 tiller
Cub Cadet 3204
48" HD mower
Bolens 1257 w/36" tiller
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