place your toolchain here and update the makefile.bat

Here is an official toolchain link (36.5MB):
https://sourcery.mentor.com/sgpp/lite/arm/portal/package8735/public/arm-none-eabi/arm-2011.03-42-arm-none-eabi-i686-mingw32.tar.bz2

Or you can download stripped version from my webpage (12.8MB). Unpack it here, the default toolchain path specified in makefile.bat points to file /Toolchain/arm-2011.03-lite/bin/arm-none-eabi-gcc.exe:
http://pub.valky.eu/arm-2011.03-lite.zip