This tell me that there is an open circuit in the wiring to the Exciter or the Exciter has developed an open in it.
Label wires on terminals 5 & 6 on the VR and then remove them from the Voltage Regulator (VR).
Use your meter to measure the resistance between the two wires just removed from the VR.
It should measure ~10 to 15 ohms.
If you get an open resistance reading there then remove P5 from the J5 connector. Will need to open the door for storing the aux fuel hose to get to it. To remove P5 you'll need to rotate the locking collar before removing P5 from J5.
Examine the contacts for corrosion. If OK measure the resistance between pins 1 & 2 of P5. It should measure ~10 to 15 ohms.
If not then examine the wires running from P5 all the way to the gen head and where they enter the gen head. Occasionally the wires break or get chewed thru by rodents there where they enter the gen head. Have seen it a few times.