diff --git a/mingw-w64-iverilog/PKGBUILD b/mingw-w64-iverilog/PKGBUILD
index 94351141c9..6743d0038f 100644
--- a/mingw-w64-iverilog/PKGBUILD
+++ b/mingw-w64-iverilog/PKGBUILD
@@ -3,61 +3,52 @@
 _realname=iverilog
 pkgbase=mingw-w64-${_realname}
 pkgname="${MINGW_PACKAGE_PREFIX}-${_realname}"
-pkgver=11.0.r9168.gd480c4d7
+pkgver=12.0
 pkgrel=1
 epoch=1
 pkgdesc="Icarus Verilog, is a Verilog simulation and synthesis tool (mingw-w64)"
 arch=('any')
-mingw_arch=('mingw32' 'mingw64' 'ucrt64')
-url="http://iverilog.icarus.com/"
-license=('GPLv2+')
+mingw_arch=('mingw64' 'ucrt64')
+url="https://github.com/steveicarus/iverilog"
+msys2_references=(
+  'archlinux: iverilog'
+)
+license=('spdx:GPL-2.0-or-later')
 groups=("${MINGW_PACKAGE_PREFIX}-eda")
 depends=(
-  "${MINGW_PACKAGE_PREFIX}-bzip2"
-  "${MINGW_PACKAGE_PREFIX}-cc"
   "${MINGW_PACKAGE_PREFIX}-readline"
 )
 makedepends=(
   "${MINGW_PACKAGE_PREFIX}-cc"
-  "autoconf"
-  "man-db"
+  "${MINGW_PACKAGE_PREFIX}-autotools"
   "${MINGW_PACKAGE_PREFIX}-ghostscript"
   "${MINGW_PACKAGE_PREFIX}-gperf"
-  'git'
+  "${MINGW_PACKAGE_PREFIX}-bzip2"
+  "${MINGW_PACKAGE_PREFIX}-zlib"
 )
-
-# NOTE: MSYS2 support was improved/fixed in 'master' (2020/12/04).
-# When 12.0 is tagged/released, this should be changed to use a tarball instead.
-_commit="d480c4d7"
-source=("${_realname}::git+https://github.com/steveicarus/iverilog.git#commit=${_commit}")
-sha256sums=('SKIP')
-
-pkgver() {
-  cd "${srcdir}/${_realname}"
-  printf "11.0.r%s.g%s" "$(git rev-list --count ${_commit})" "$(git rev-parse --short=8 ${_commit})"
-}
+source=("https://github.com/steveicarus/iverilog/archive/v${pkgver/./_}/${_realname}-${pkgver}.tar.gz"
+        001-fix-string-literal.patch::https://github.com/steveicarus/iverilog/commit/23e51ef7.patch)
+sha256sums=('a68cb1ef7c017ef090ebedb2bc3e39ef90ecc70a3400afb4aa94303bc3beaa7d'
+            '836108d5f5977b25d873c2521f7ae3ad274feb3f3ec40efb0cb194d28213e3d2')
 
 prepare() {
-  cd "${srcdir}/${_realname}"
-  sh autoconf.sh
+  cd "${srcdir}/${_realname}-${pkgver/./_}"
+  patch -p1 -i "${srcdir}"/001-fix-string-literal.patch
+
+  ./autoconf.sh
 }
 
 build() {
-  cd "${srcdir}/${_realname}"
+  mkdir -p "${srcdir}/build-${MSYSTEM}" && cd "${srcdir}/build-${MSYSTEM}"
 
-  CXXFLAGS+=" -std=gnu++14"
-
-  ./configure \
-    --prefix=${MINGW_PREFIX} \
-    --build=${MINGW_CHOST} \
-    --host=${MINGW_CHOST} \
-    --target=${MINGW_CHOST}
+  ../${_realname}-${pkgver/./_}/configure \
+    --prefix=${MINGW_PREFIX}
 
   make
 }
 
 check() {
-  cd "${srcdir}/${_realname}"
+  cd "${srcdir}/build-${MSYSTEM}"
   make check
 #  git clone https://github.com/steveicarus/ivtest.git
 #  cd ivtest
@@ -65,12 +56,8 @@ check() {
 }
 
 package() {
-  cd "${srcdir}/${_realname}"
+  cd "${srcdir}/build-${MSYSTEM}"
   make DESTDIR="${pkgdir}" install
-  mkdir -p "${pkgdir}${MINGW_PREFIX}/share/doc/${_realname}"
-  mv "${pkgdir}${MINGW_PREFIX}"/*.pdf "${pkgdir}${MINGW_PREFIX}/share/doc/${_realname}"
 
-  _licenses="${pkgdir}${MINGW_PREFIX}/share/licenses/${_realname}"
-  mkdir -p "${_licenses}"
-  install -m 644 COPYING "${_licenses}"
+  install -Dm644 "${srcdir}/${_realname}-${pkgver/./_}/COPYING" "${pkgdir}${MINGW_PREFIX}/share/licenses/${_realname}/COPYING"
 }