We set the Implementation for a WinMD reference to:
<Implementation Condition="'$(TargetExt)' == '.dll'">$(WinMDImplementationPath)$(RootNamespace)$(TargetExt)</Implementation>
while it should be set to:
<Implementation Condition="'$(TargetExt)' == '.dll'">$(WinMDImplementationPath)$(TargetName)$(TargetExt)</Implementation>