Question is. Which code are you trying to compile. If it is previous release then explanation is simple. Thing is that we needed to add "-static" flag to mingw flags in order to make it compile statically with winpthreads. Current GIT code have that so it can be compiled properly.
Also try starting it from command line, then all DLL's that you need are in path so that will work in any case.
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Re: Launch error with new mame build tools.
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