Error RC 1107 when running ressource compiler RC.exe

When I run this command from the command line, I get the error RC 1107:

d:\dev\projects\res\compiler\rc.exe RC /r /fo d:\dev\projects\res\output\manifest.res d:\dev\projects\res\compiler\manifest.rc

All mentioned paths exists.

I am not in the drive and path when I call this command, but I would tend to think that it should not matter since I am giving the paths explicitely.

Thank you for the help.