Just for completeness..
When I build emacs-git, I get the following:
$ MINGW_INSTALLS=mingw64 makepkg-mingw -sLf
[...]
patching file src/image.c
Hunk #1 succeeded at 8153 (offset 291 lines).
patching file src/lread.c
Hunk #1 succeeded at 4318 (offset -33 lines).
Checking whether you have the necessary tools...
(Read INSTALL.REPO for more details on building Emacs)
Checking for autoconf (need at least version 2.65)...
ok
Checking for automake (need at least version 1.11)...
ok
Your system has the required tools.
Running 'autoreconf -fi -I m4' ...
Unescaped left brace in regex is deprecated, passed through in regex; marked by <-- HERE in m/\${ <-- HERE ([^ \t=:+{}]+)}/ at /usr/bin/automake-1.15 line 3936.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
configure.ac:759: installing 'build-aux/compile'
configure.ac:139: installing 'build-aux/config.guess'
configure.ac:139: installing 'build-aux/config.sub'
[...]
it comes from 'prepare' step:
$ cat /tmp/mingw-w64-emacs-git/mingw-w64-x86_64-emacs-git-r122122.c7e9792-1-x86_64-prepare.log
[...]
Your system has the required tools.
Running 'autoreconf -fi -I m4' ...
Unescaped left brace in regex is deprecated, passed through in regex; marked by <-- HERE in m/\${ <-- HERE ([^ \t=:+{}]+)}/ at /usr/bin/automake-1.15 line 3936.
configure.ac:759: installing 'build-aux/compile'
[...]
Strangely, when I build directly:
wget http://git.savannah.gnu.org/cgit/emacs.git/snapshot/emacs-master.tar.gz
tar -xf emacs-master.tar.gz
cd emacs-master
./autogen.sh
./configure --prefix=...
I don't see that message ("Unescaped left brace in regex...")