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Morgan, yes. By lowering the lever, the knee is flexed, the bolt retreats and the spent case is pulled out from the chamber, into the ejection port. Lowering the lever still further, the cartridge carrier block moves up, aligning a fresh cartridge to the breech while ejecting the spent one (the rifle doesn't have an ejector). By rising the lever again, the fresh cartridge was chambered while the carrier was lowered to accept a new cartridge pushed back by the magazine's spring. Returning the lever to its resting position made the knee joint straight again so that the bolt was solidly locked in place, and the rifle was ready to repeat the cycle.