It looks pretty easy to figure out. The particle board is acting as a rigid outer layer, with a rough shape of the sword cut out of it. The mold material was poured into the void between the sword and the particle board, probably one half at a time. Think your typical mold vessel made out of Legos, only in this case it looks like the mold material becomes part of the outer vessel. Clever way to do it, since it's a flat object. It probably wouldn't be practical or useful on a thicker object. If I had to guess, I would say that a solid layer of particle board is attached to the backside of each half.
-Rog