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Tuning Impact issues

Put a finger over or near the center of that round stainless part where the mag goes, and single load a pellet.

Take a shot with no mag in is the air coming from there?

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If so I would suspect the tiny oring on the end of the valve rod. Because im pretty sure there's only air behind that oring during the shot cycle. 
 
I agree with the two former suggestions and would also suggest you put a few drops of soapy water on the spot GlemChally pointed at to see if its making bubbles. If this is in fact where your air is leaking from then replacing that tiny O-ring is actually pretty easy and does not require total disassembly.

Begin by degassing the gun, remove the magazine bracket, remove the grub set screw in the bottom of the rear block behind your reg gauge, and then pull the valve house out of the rear block, remove the valve pin adjustment nut & spring to expose the C1. Be careful removing & reinserting your valve house in the rear block so you don't damage the O-rings on it. Inspect your O-rings and check to see that there isn't a little half-moon shaped bite out of one...if so it must be replace also. 

Now as you pull the C1/valve rod forward about an inch you will be able to remove the old O-ring and replace it with a new one by going through one of the three rectangular slots in the valve house. Doing it this way requires a little dexterity but save having to remove the valve house from the Power Plenum. Let me know if you need those little O-rings for the tip of your valve rod or the ones that go on your valve house and I'll mail you a couple of each.

All the best, Chuck
 
On second thought try this first before you disassemble your rifle...remove the air bottle, set your Power Wheel to MIN, screw your air bottle back on and cock & fire a couple shots and see if this stops the air leak from the tip of the valve rod. If not remove the air bottle again, and with the Power Wheel set to MIN, turn the valve pin adjustment nut in clockwise until it bottoms out, screw your air bottle back on, cock & fire a couple times and see it this solves your air leak from the tip of the valve pin there in the magazine well.

Chuck