Looking at the picture of the exhaust valve, I have no idea what's going on. Reading the patent, I get the impression that this is what Wolff calls an "indirect trip" battery; that is, the hammer action hits the exhaust valve open and then moves past the valve, rather than staying in contact with the valve like most modern "direct trip" air gun batteries.
One question; Where is the air exhaust port?
Two question: Does the exhaust valve automatically reset?