cd util
cc -o makemake makemake.c
(Since makemake is written portably in 'classic' C it should just compile and go. The options to C compilers vary, but most support this way of making an executable program called makemake from the source makemake.c)
cd ..
util\makemake targetdir [hostdir]
(hostdir is needed only if it is different from targetdir) (under DOS, use util/makemake ...)
cd hostdir
make depend
(this augments Makefile; as a side-effect it also makes the assembler-sourced objects.)
make
(this makes armlib.o ... if everything succeeds).