The caster had to be holding the drawn weapon to cast this spell. The non-magical weapon became a +1 magical beast bane spear for the duration of the spell, until the caster canceled it, or until the caster gave up the weapon (willingly or otherwise) to another, whichever came first. If the spear of Lurue broke, the spell and the original weapon also broke.
Only verbal and somatic components were required to cast this spell. The material component was the non-magical weapon to be transformed.