diff --git a/src/gen_rules.ml b/src/gen_rules.ml
index 5c9cee60..8f6b3d09 100644
--- a/src/gen_rules.ml
+++ b/src/gen_rules.ml
@@ -28,30 +28,48 @@ module Gen(P : Params) = struct
      +-----------------------------------------------------------------+ *)
 
   module Eval_modules = Ordered_set_lang.Make(struct
-      type t = Module.t
-      let name = Module.name
+      type t = (Module.t, string * Loc.t) result
+      let name = function
+        | Error (s, _) -> s
+        | Ok m -> Module.name m
     end)
 
-  let parse_modules ~all_modules ~buildable =
+  let parse_modules ~(all_modules : Module.t String_map.t) ~buildable =
     let conf : Buildable.t = buildable in
+    let standard_modules = String_map.map all_modules ~f:(fun m -> Ok m) in
+    let fake_modules = ref String_map.empty in
     let parse ~loc s =
-        let s = String.capitalize_ascii s in
-        match String_map.find s all_modules with
-        | Some m -> m
-        | None -> Loc.fail loc "Module %s doesn't exist." s
+      let s = String.capitalize_ascii s in
+      match String_map.find s all_modules with
+      | Some m -> Ok m
+      | None ->
+        fake_modules := String_map.add ~key:s ~data:loc !fake_modules;
+        Error (s, loc)
     in
     let modules =
       Eval_modules.eval_unordered
         conf.modules
         ~parse
-        ~standard:all_modules
+        ~standard:standard_modules
     in
+    let only_present_modules modules =
+      String_map.filter_map ~f:(fun ~key:_ ~data ->
+        match data with
+        | Ok m -> Some m
+        | Error (s, loc) -> Loc.fail loc "Module %s doesn't exist." s
+      ) modules
+    in
+    let modules = only_present_modules modules in
     let intf_only =
       Eval_modules.eval_unordered
         conf.modules_without_implementation
         ~parse
         ~standard:String_map.empty
     in
+    let intf_only = only_present_modules intf_only in
+    String_map.iter !fake_modules ~f:(fun ~key ~data:loc ->
+      Loc.warn loc "Module %s is excluded but it doesn't exist." key
+    );
     let real_intf_only =
       String_map.filter modules
         ~f:(fun _ (m : Module.t) -> Option.is_none m.impl)
@@ -102,6 +120,12 @@ module Gen(P : Params) = struct
             let name (_, m) = Module.name m
           end)
         in
+        let parse ~loc s =
+          let s = String.capitalize_ascii s in
+          match String_map.find s all_modules with
+          | Some m -> m
+          | None -> Loc.fail loc "Module %s doesn't exist." s
+        in
         let parse ~loc s = (loc, parse ~loc s) in
         let shouldn't_be_listed =
           Eval.eval_unordered conf.modules_without_implementation
diff --git a/src/import.ml b/src/import.ml
index 3efe8651..e5d94880 100644
--- a/src/import.ml
+++ b/src/import.ml
@@ -155,6 +155,7 @@ module Map = struct
     val of_alist_reduce : (key * 'a) list -> f:('a -> 'a -> 'a) -> 'a t
     val keys : 'a t -> key list
     val values : 'a t -> 'a list
+    val filter_map : 'a t -> f:(key:key -> data:'a -> 'b option) -> 'b t
   end
 
   module Make(Key : OrderedType) : S with type key = Key.t = struct
@@ -209,6 +210,12 @@ module Map = struct
 
     let keys   t = bindings t |> List.map ~f:fst
     let values t = bindings t |> List.map ~f:snd
+
+    let filter_map t ~f =
+      merge t empty ~f:(fun key data _always_none ->
+        match data with
+        | None -> assert false
+        | Some data -> f ~key ~data)
   end
 end
 
diff --git a/test/blackbox-tests/test-cases/exclude-missing-module/run.t b/test/blackbox-tests/test-cases/exclude-missing-module/run.t
index 7e863493..5feaf4c4 100644
--- a/test/blackbox-tests/test-cases/exclude-missing-module/run.t
+++ b/test/blackbox-tests/test-cases/exclude-missing-module/run.t
@@ -1,4 +1,3 @@
   $ $JBUILDER build --display short --root . -j 1
   File "jbuild", line 1, characters 0-50:
-  Error: Module Fake doesn't exist.
-  [1]
+  Warning: Module Fake is excluded but it doesn't exist.