diff --git a/Makefile b/Makefile
index 4411b22e..2b2f6eb5 100644
--- a/Makefile
+++ b/Makefile
@@ -24,7 +24,7 @@ $(CLEANDIRS):
 	$(MAKE) -C $(@:clean-%=%) clean
 
 ifeq ($(OS),Windows_NT)
-DLLS=$(shell ldd {core,config,fpsconfig,launcher}/*.exe | grep mingw | cut -f 3 -d' ' | sort | uniq)
+DLLS=$(shell ntldd -R {core,config,fpsconfig,launcher}/*.exe | grep mingw | sed "s/.*=> //g" | cut -d' ' -f 1 | sed 's/\\/\\\\/g' | xargs cygpath -u | sort | uniq)
 install: all
 	mkdir -p setup
 	for DLL in $(DLLS); \