Can you check the pdx folders and verify that there's a pdex.bin file in there and that it's larger than 0 bytes? There's a missing dependency in the C_API/buildsupport/common.mk file in the SDK which causes it to miss that if you have parallel builds enabled. (see Missing/incorrect dependencies for simulator DYLIB rule in common.mk - #6 by DidierMalenfant) Here's the updated version:
common.mk.zip (1.8 KB)
You shouldn't need to change compilation options, no need for -fPIC or such. We decided not to use the elf relocation format after all, didn't want to force you to include symbolic information in your game that you might not want to have public. pdc adds a relocation table in a custom format, and the loader is much simpler.