diff --git a/makefiles/targets.mk b/makefiles/targets.mk
index 86c21aa..5e554e9 100644
--- a/makefiles/targets.mk
+++ b/makefiles/targets.mk
@@ -132,7 +132,7 @@ nat-libs: | libminiupnpc.a libnatpmp.a
 libminiupnpc.a: | sanity-checks
 ifeq ($(OS), Windows_NT)
 	+ [ -e vendor/nim-nat-traversal/vendor/miniupnp/miniupnpc/$@ ] || \
-		PATH=".:${PATH}" "$(MAKE)" -C vendor/nim-nat-traversal/vendor/miniupnp/miniupnpc -f Makefile.mingw CC=$(CC) $@ $(HANDLE_OUTPUT)
+		PATH=".;$${PATH}" "$(MAKE)" -C vendor/nim-nat-traversal/vendor/miniupnp/miniupnpc -f Makefile.mingw CC=$(CC) $@ $(HANDLE_OUTPUT)
 else
 	+ "$(MAKE)" -C vendor/nim-nat-traversal/vendor/miniupnp/miniupnpc build/$@ $(HANDLE_OUTPUT)
 endif