The src/Makefile was making a dynamic executable, which requires MinGW libraries to be in search path - I added "-static" option to produce executable, which can be used without these libraries.
Added few comment lines to src/Makefile, explaining it is making an executable only, not an installer.
src/node.h contained function header static int nodesorter(node a, node b) which I tried, it caused an error, and I marked it as a comment - now I removed it completely.