MinGW-w64 from the link in Option 1.
Then compile Fortran 77 code exactly as on Linux.
The biggest hurdle users face is that many classic Fortran 77 compilers (like the legendary Microsoft Fortran or Digital Visual Fortran) were released on 16-bit installers. Modern 64-bit versions of Windows 10 dropped support for 16-bit applications, meaning those old installers simply won't launch.
gfortran hello.f -o hello.exe
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