[PSP] libretro fails to load files

I know I should report this to the libretro/NP2kai repo, but the issues section is disabled there, so I'm posting it here. This problem probably only occurs with the NP2Kai core - I tried using the Commodore - C64 (Frodo) core and it actually loads without exiting to the XMB (a C64 game I downloaded doesn't work though).

Expected behavior

After selecting the NEC - PC-98 (Neko Project II Kai) core and loading a content, the game should start. Running the core without any content should result in a visible CLI interface.

Actual behavior

RetroArch exits to the XMB.

Steps to reproduce the bug

1. Download the latest stable version of RetroArch from retroarch.com.
2. Extract the downloaded file to ms0://PSP/GAME.
3. Copy all required files for np2kai (BIOS files) to ms0://PSP/RETROARCH/SYSTEM/np2kai and game files (e.g. any of the first 5 Touhou games) to ms0://PSP/RETROARCH/DOWNLOADS.
4. Run RetroArch from the XMB.
5. Select the core (NEC - PC-98 (Neko Project II Kai)).
6. Load the content.

You can also start the core without any content, the result will be the same.

Configuration information

• RetroArch: 1.16.0
• Hardware: PSP-E1004 (PSP Street, European version)
• OS: 6.61 PRO-C
• Compiler (as reported in "System Information" section of RetroArch): GCC (11.2.0) 32-bit

Logs

retroarch__1970_01_01__19_30_05.log

Start by reviewing the attached retroarch__1970_01_01__19_30_05.log and reproducing the failure with RetroArch 1.16.0 on the PSP-E1004 using the NEC - PC-98 (Neko Project II Kai) core. Compare loading content and starting the core without content; done means the core no longer exits to the XMB and presents its expected interface.