This is what I get when trying to build libmikmod 3.2.0:

make[2]: Entering directory `/home/salass00/Development/Projects/Libraries/libmikmod-3.2.0/libmikmod'
/bin/sh ../libtool --silent --mode=compile ppc-amigaos-gcc -DHAVE_CONFIG_H -g -O2 -fno-strength-reduce -funroll-loops -ffast-math -Wall -D_REENTRANT -Dunix -I../include -I.. -I../include -DMIKMOD_H=../include/mikmod.h -c ../drivers/drv_AF.c
../libtool: 1549: ../libtool: preserve_args+= --silent: not found
../libtool: 1: eval: base_compile+= ppc-amigaos-gcc: not found
../libtool: 1: eval: base_compile+= -DHAVE_CONFIG_H: not found
../libtool: 1: eval: base_compile+= -g: not found
../libtool: 1: eval: base_compile+= -O2: not found
../libtool: 1: eval: base_compile+= -fno-strength-reduce: not found
../libtool: 1: eval: base_compile+= -funroll-loops: not found
../libtool: 1: eval: base_compile+= -ffast-math: not found
../libtool: 1: eval: base_compile+= -Wall: not found
../libtool: 1: eval: base_compile+= -D_REENTRANT: not found
../libtool: 1: eval: base_compile+= -Dunix: not found
../libtool: 1: eval: base_compile+= -I../include: not found
../libtool: 1: eval: base_compile+= -I..: not found
../libtool: 1: eval: base_compile+= -I../include: not found
../libtool: 1: eval: base_compile+= -DMIKMOD_H=../include/mikmod.h: not found
../libtool: 1: eval: base_compile+= -c: not found
libtool: compile: you must specify a compilation command
libtool: compile: Try `libtool --help --mode=compile' for more information.
make[2]: *** [drv_AF.lo] Error 1
make[2]: Leaving directory `/home/salass00/Development/Projects/Libraries/libmikmod-3.2.0/libmikmod'
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory `/home/salass00/Development/Projects/Libraries/libmikmod-3.2.0'
make: *** [all] Error 2

This happens on the first file it tries to compile and happens also when I copy over a tested and working libtool from a previous porting.