"[drive]:\[Homeworld 2 directory]\Bin\Release\homeworld2.exe"
-mod FXMOD1.71.big -locale FXMOD1.71_English
That shortcut above is the one I use to start Homeworld 2 from my desktop. The [ ] denote an input relevant to your computer, and that the '-locale' command doesn't have the .big extension.
If we could have the exact shortcut you are using, babbo, that may give us a big heads up on how we can get it working for you.
These guys have also included the Chinese Localized version, too, for anyone out there wanting to play in (I assume) Mandarin. Great work.