Windows Server 2012 R2 not pulling metadata from vfat ConfigDrive

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Hello,

I've got a Windows Server 2012 R2 VM installed with the current stable release of Cloudbase-init. I've mounted a vfat drive (with label CONFiG-2) with the following directory structure and metadata file: openstack/latest/meta_data.json

{ "hostname": "test.hostname.local" }

When I run the cloudinit service it finds the vfat drive and label, but doesn't seem to extract the files and find the metadata. I AM able to manually extract it with:

mcopy.exe -s -n -i "\\.\\PHYSICALDRIVE1" ::/ .

My cloudbase-init.conf is: https://pastebin.com/raw/73TsykqQ

The cloudbase-init log is here: https://pastebin.com/raw/7jTwUGmE

I'm obviously doing something wrong, but I could use a pointer in the right direction. Going with vfat as a setup choice due to some particular quirks with our deployment environment, but we can fall back to ISO if it just won't work.

Thanks for the feedback!