OK Jack, I got here. - Thanks for the PM.
I think the first thing I'd like to be sure of is the engine itself. Earlier 60 hp had a keyed cam sprocket so are set up using the marks alone - not timing tools needed. I think, from what I can see, this is what we
have here. Later ones, like mine, had no key on the cam sprocket but it was still a solid cast sprocket. I believe these engines were "Pre evo 2 engines" the last of our Pandas, so 2011/12, before the new body shape came in, had the VVT cam sprocket (Evo 2) and was also keyless. - this was the first of the 69 hp engines. I'm pretty sure a good way to tell if you have a keyed or keyless sprocket is to look at the cam cover. If it has a square rubber push in oil filler cap and 4 hold down bolts it's keyed. If it has a round screw down oil cap and 8 hold down bolts it's keyless - I think? It's my belief also that all 60hp motors are non interference so your valves are safe if the belt lets go with the engine running - unless anyone knows different? The 69hp engine is definitely interference.
So, looking at the pictures posted it looks very much to me that the timing on this one is correct. (by the way I don't think the keyless engine has any mark on the cam sprocket/pulley and this one does so that's another pointer to it being keyed.) If it was a keyless one the only way to be really sure is to time it up using the tools which lock the cam and crank in place. However here we almost certainly have a keyed one - please confirm OP - and, it looks to me from the photos that the crank sprocket marks are certainly lining up (scribed line in sprocket to the "step" in the flange on the oil pump casting) The cam marks look good too (the wee indent on the sprocket to the wee indent in the edge of the head) just as your picture shows. Hopefully this is how it looks after the tensioner has been tightened and the crankshaft rotated two revs?
So, with all this looking to be correct, If the timing is still suspect Jacks suggestion to check out the cam lobe positions could be a next step. Take the cam cover off, set no 1 piston at TDC and you should see the cam lobes, for No 1, equally spaced either side of an imaginary vertical line from the centre line of the cam. By this I mean if the cylinder is on the compression stroke the cams will be pointing upwards (so valves closed) about, maybe 20 degrees equally either side of the vertical. If it's on the exhaust stroke they will both be down with one having just allowed the exhaust valve to close and the other just about to open the inlet (often referred to as being "on the rock"). If this is not the case but the timing marks are both, crank and cam, lining up then I'd be taking the cam pulley off first (as It's the easier of the two) to check for key damage and then the crank pulley.
Sorry I've been a wee while in replying but my oldest boy arrived half way through it all to deliver our groceries - He's being a dear and doing our shopping for us as he's frightened we are going to catch this virus. I hope I've covered all the bases here? but as my thinking was interrupted half way through please do query anything you like and I'll try to help if I can. On the face of it it's looking like you've got the cam timing right though, so maybe we are looking at some other problem altogether?
regards
Jock