 Vanishing top Ext without finite generation

Put $A=k[[t]]$ and $K=A[1/t]$. A free resolution has countably many generators $e_i$ and relations $e_i-t{e}_{i+1}$. Applying the Hom functor with coefficients in $A$ gives $(b_i)\mapsto (b_i-t{b}_{i+1})$ on sequence products. This is surjective: for prescribed $(c_i)$ use $b_i={\sum }_{j\ge 0}{t}^j{c}_{i+j}$, a well-defined formal power series. Therefore the degree-one Ext functor vanishes. But ${\mathrm{Hom}}_A(K,A)=0$, since every image is infinitely divisible by $t$. A nonzero projective module has a nonzero coordinate map into $A$, so $K$ is not projective. Its displayed resolution proves that its projective dimension is exactly one. The finite-generation hypothesis in top Ext detects finite projective dimension is essential.