Error: Module compiling

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Tried bmk makemods but nothing seems to happen.
No files are generated. No errors appear ..

 (in max folder)
> bin\bmk makemods Test.mod
> bin\bmk makemods pub\Test.mod
> bin\bmk makemods <blitzpath>\pub\Test.mod
> bin\bmk makemods <blitzpath>\pub\Test.mod\test.bmx
Any ideas as to where I should be pointing bmk makemods to?