Max 5.1.1 SDK Linker error

I downloaded the SDK yesterday and proceeded to run up some of the included test projects. Compiles fine, however I am getting failed builds, due to a linker error (below):

Ld build/UninstalledProducts/simplemax.mxo/Contents/MacOS/simplemax normal i386
cd "/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax"
setenv MACOSX_DEPLOYMENT_TARGET 10.4
/Developer/usr/bin/gcc-4.0 -arch i386 -bundle -isysroot /Developer/SDKs/MacOSX10.4u.sdk -L/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/build/Development -F/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/build/Development -F/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/../../c74support/max-includes -F/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/../../c74support/msp-includes -F/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/../../c74support/jit-includes -F/Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/../../../../../Dev/SDK's/MaxSDK-5.1.1/c74support/max-includes -filelist /Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/build/simplemax.build/Development/max-external.build/Objects-normal/i386/simplemax.LinkFileList -mmacosx-version-min=10.4 -framework MaxAPI -o /Users/lukesnape/Documents/Dev/SDK's/MaxSDK-5.1.1/examples/simplemax/build/UninstalledProducts/simplemax.mxo/Contents/MacOS/simplemax

ld: file not found: /Users/lukesnape/Documents/Dev/SDKs/MaxSDK-5.1.1/examples/simplemax/build/simplemax.build/Development/max-external.build/Objects-normal/i386/simplemax.o
collect2: ld returned 1 exit status
Command /Developer/usr/bin/gcc-4.0 failed with exit code 1

I am doing everything the documentation is telling me, and haven't made any changes to the config.

Mac OS 10.6.4 / Max SDK 5.1.1 / XCode 3.2.2 (with 10.4u SDK).