Or more likely; you aren't compiling with with a cl-compatible compiler, and thus don't get __declspec(dllexport) on PIKE_MODULE_{IN,EX}IT. In that case you need to patch module.h.
I'm beginning to think that while MinGW supports the __declspec(dllexport) construct, it doesn't generate the same output in the object file that vc does. I say this because I've done just about everything I can think of to force the declspec, and none of it makes any difference to pntld.
I'm pretty much at a loss as far as what to do next. Unless someone else has a great idea, I'm going to drop the idea of getting dynamic modules working with MinGW.
Bill