Hi Paul,
I tried a few times. Both with the jpg and the cr3 images, a few times
one of the images did not have control points, while other times all
images had control points. So I think it's merely an edge case, it's not
caused by the file format itself.
I think this is caused by the significant parallax. PTGui finds control
points between neighboring images. But when it tries to connect the
first and last image (to close the 360 degree circle) the accumulated
accumulated parallax errors becomes too large and PTGui deems the
control points to be invalid.
I'll see if this can be improved.