diff --git a/src/tools/Makefile.mak b/src/tools/Makefile.mak
index 609c01cc..803d4eef 100644
--- a/src/tools/Makefile.mak
+++ b/src/tools/Makefile.mak
@@ -18,3 +18,10 @@ all: util.obj $(TARGETS)
         ..\common\common.lib ..\scconf\scconf.lib ..\libopensc\opensc.lib \
         ..\pkcs15init\pkcs15init.lib ..\pkcs11\libpkcs11.lib \
         $(TOPDIR)\win32\version.res $(OPENSSL_LIB) $(LIBLTDL) gdi32.lib
+
+netkey-tool.exe: netkey-tool.c
+	cl $(COPTS) /c netkey-tool.c
+        link $(LINKFLAGS) /pdb:netkey-tool.pdb /out:netkey-tool.exe netkey-tool.obj \
+        ..\common\common.lib ..\scconf\scconf.lib ..\libopensc\opensc.lib \
+        ..\pkcs15init\pkcs15init.lib ..\pkcs11\libpkcs11.lib \
+        $(TOPDIR)\win32\version.res $(OPENSSL_LIB) $(LIBLTDL) gdi32.lib