I have to use shared objects format for modules, instead of relocatable objects, due to limitations in the addressing.
The bug in 2.25.1 binutils requires the hack to avoid ld -r, which eg makes ctfmerge non-functional. I verified that git head for binutils has the issue fixed, but I did not digged exact change that did it.
It seems that the architecture requires -fPIC for shared objects, linker was not able to link modules built without -fPIC.