diff --git a/Makefile.libretro b/Makefile.libretro
index 68af373..40077a2 100644
--- a/Makefile.libretro
+++ b/Makefile.libretro
@@ -113,6 +113,8 @@ else
    SHARED := -shared -static-libgcc -static-libstdc++ -s -Wl,--version-script=$(CORE_DIR)/libretro/link.T -Wl,--no-undefined
 endif
 
+TARGET := build/bin/libretro/$(TARGET)
+
 # To force use of the Unix version instead of the Windows version
 MKDIR := $(shell which mkdir)
 
@@ -144,6 +146,7 @@ $(CORE_DIR)/build/bin/BootROMs/%_boot.bin:
 	make -C $(CORE_DIR) $@
 
 $(TARGET): $(OBJECTS)
+	-@$(MKDIR) -p $(dir $@)
 ifeq ($(STATIC_LINKING), 1)
 	$(AR) rcs $@ $(OBJECTS)
 else