OK, I get it.
This is all about your nmake.exe who is doing some incomprehensible things.
Perhaps, you have downloaded the one named
NMAKE15.exe from here
support.microsoft.com/kb/132084/fr ? Well, this one seems not to work with TELEMAC makefiles because I get the same errors with.
So, I can send you mine (if so, please send me your email -
This email address is being protected from spambots. You need JavaScript enabled to view it.) or you may prefer switch to gfortran which use its own gfomake.exe.
Best regards,
Fabien Decung