I think you've missed the
from those instructions. If you run
Code:
make -f Makefile.osx
from the src directory, you should end up with an Angband.app in your top level directory; if you run
Code:
make -f Makefile.osx dist
you should get a .dmg file like the ones that get distributed (I know this works, because I had to do it to build the .dmg for 4.2.1 because I messed up the autobuild...).
Let me know if you still have difficulties.