diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0949145..5d65119 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,12 @@ All notable changes to this project will be documented in this file.
 
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/), and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## Unreleased
+
+### Fixed
+
+- Write the virtual HTML/style/script loader modules at the package's resolved on-disk root instead of a path relative to the webpack compiler context, so the bare `@studiometa/playground/<name>-loader.js` imports resolve. These specifiers go through the package's `"./*": "./*"` exports entry, and since enhanced-resolve >= 5.21 (webpack/enhanced-resolve#399) a matched exports target that is missing on disk is a hard error instead of falling back to legacy resolution — so consumer builds on webpack 5.109+ failed with `Package path ./html-loader.js is exported from package ... but no valid target file was found` ([#77](https://github.com/studiometa/playground/pull/77), [d0c924a](https://github.com/studiometa/playground/commit/d0c924a))
+
 ## v0.3.13 - 2026.08.06
 
 ### Fixed
diff --git a/packages/playground/src/lib/plugins/PlaygroundLoadersPlugin.ts b/packages/playground/src/lib/plugins/PlaygroundLoadersPlugin.ts
index c338a87..a903176 100644
--- a/packages/playground/src/lib/plugins/PlaygroundLoadersPlugin.ts
+++ b/packages/playground/src/lib/plugins/PlaygroundLoadersPlugin.ts
@@ -1,4 +1,6 @@
-import { existsSync, readFileSync } from 'node:fs';
+import { existsSync, readFileSync, realpathSync } from 'node:fs';
+import { createRequire } from 'node:module';
+import { dirname } from 'node:path';
 import type { Compiler } from 'webpack';
 import VirtualModulesPlugin from 'webpack-virtual-modules';
 
@@ -25,13 +27,23 @@ export class PlaygroundLoadersPlugin {
     const virtualModulesConfig = {};
     const defaultLoader = 'export default async function loader(value) { return value };';
 
+    // The loaders are imported through the bare `@studiometa/playground/<name>-loader.js`
+    // specifiers, which webpack resolves via the package's `"./*": "./*"` exports entry to
+    // this package's real on-disk root. Since enhanced-resolve >= 5.21 (webpack/enhanced-resolve#399),
+    // a matched exports target that does not exist on disk is a hard error instead of falling back
+    // to legacy resolution. So the virtual files MUST be written at the package's resolved root; a
+    // path relative to the compiler context lands under the consumer app and no longer resolves.
+    const require = createRequire(import.meta.url);
+    const packageRoot = realpathSync(
+      dirname(require.resolve('@studiometa/playground/package.json')),
+    );
+
     for (const loaderName of this.loaderNames) {
       const loaderContent =
         this.loaders && this.loaders[loaderName] && existsSync(this.loaders[loaderName])
           ? readFileSync(this.loaders[loaderName])
           : defaultLoader;
-      virtualModulesConfig[`node_modules/@studiometa/playground/${loaderName}-loader.js`] =
-        loaderContent;
+      virtualModulesConfig[`${packageRoot}/${loaderName}-loader.js`] = loaderContent;
     }
 
     const virtualModules = new VirtualModulesPlugin(virtualModulesConfig);