Application in long folder name fails to load QML plugins

Preconditions:

1. Have a long folder path (combined length of over 255 characters, apparently)
2. Build attached application (or any other QML application, but this application prints all output to a file for convenience)
3. Copy application binary to the long folder
4. Copy required Qt DLLs to that folder
5. Start application by double-clicking in Windows Explorer

Expected:

6. Application starts

Actual:

6. Application fails to load with error:

Warning: QQmlApplicationEngine failed to load component
Warning: qrc:/qt/qml/StartupLogApplication/Main.qml:1:1: File name case mismatch for "C:/devel/demos/LONGFO~1/LONGFO~1/LONGFO~1/LONGFO~1/EVENLO~1/qml/QtQuick/qtquick2plugind.dll"

If the application and its DLLs are copied to a folder "not so deep in directory tree", it will start without any issues.