Yes, it does. I tested it by giving it as only weapon to Tiax in the Werewolf Cave. It's impossible he hit anything with it successfully (except maybe a worg or two on the lowest level), yet it drained all but one charges . What surprised me most is that Tiax somehow survived this. I had him target one or two werewolves on each level.
Comments
In other words, I don't know...but it doesn't matter if you keep recharging it.
This also works fan-friggin'-tastic with wands.
Thank you!